Rise in credit card expenditure noted

Thursday 16 April 2009

Article by Mozo

People are spending an increasing amount of money on their credit cards, new figures show.

Research carried out by the Reserve Bank of Australia (RBA) reveals that some $17.1 billion was spent on cards over the course of February, an increase from the $16.6 billion recorded for January.

And with such an increase in expenditure, now could be a good time for Aussies to search out cheap credit cards to ensure they are getting the best possible deal on their borrowing, the Australian Associated Press reports.

Furthermore, the RBA reveals that Aussies are not putting as much money towards paying back their debts, as repayments in February stood at $16.8 billion, compared to $18.1 billion in the preceding month.

In December, a record $21.5 billion was repaid.

Overall, the Reserve Bank indicates that outstanding balances on credit cards totalled a record $45.4 billion.

And in figures released by the Australian Bureau of Statistics, a 0.41 per cent increase in new home loans over the course of February was revealed, despite the RBA’s attempts to encourage more people to get on the housing ladder.

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