Aussies 'are changing the way they pay for goods'

Thursday 01 November 2012

Article by Mozo

There has been a "fundamental shift" in the way Aussies pay for goods and services and it seems people are now far more wary about getting into debt.

Alan Shields – director of strategic research firm RFi – believes households are now using debit cards more frequently, which can help them stick to a budget more successfully.

He was reported by the News Limited Network as saying that people are now using debit 12.9 times per month, compared with just five times in 2003.

Although credit card use has also risen over the same period, it has only gone up from five times a month to 7.5 uses.

"Rather than using their credit cards as they have done in the past we are using it more as a spending tool than a borrowing tool," Mr Shields remarked.

Aussies 'are changing the way they pay for goods'

The same news provider reported last month that figures released by the Reserve Bank of Australia showed a one per cent drop in the average credit card balance in August 2012.

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