Personal finance lending 'increased in July'

By Mozo ·

Aussies applying for credit cards may be encouraged to learn that the latest data from the Australian Bureau of Statistics revealed that in July there was an increase in the value of commitments.

The amount lent to consumers rose 1.1 per cent month-on-month, which may tempt more people to consider going online to compare credit cards themselves.

Fixed lending commitments also increased during this period, with the data showing that there was a 3.9 per cent rise.

The figures are in line with the latest data from Westpac, which suggested that in July there was a 0.2 per cent increase in private credit.

This marked a return to an increase in lending following a 0.1 per cent fall in June, which was the first decline seen since 2008-09.

In July, managing director at Nielsen Consumer Group Chris Percy asserted that many Aussies are hoping to continue reducing their credit card spending even when the nation's economic outlook starts to improve.

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