Consumers deserve a little credit
Despite warnings of crippling credit card and home loan debts that will bring the country to its knees, the latest official figures show that Aussies are a fairly savvy bunch when it comes to managing their money.
Such is the claim of crikey.com.au, which urges the likes of Choice, the Sydney Morning Herald and the Age to give consumers a bit of credit after issuing repeated warnings that hefty credit card spending and huge home loans were creating an impending financial meltdown.
"Recession would make the problems worse, so it’s of interest that Australian consumers are proving once again they are cleverer than the handwringers give them credit for," says site contributor Glenn Dyer.
He goes on to report that many Aussies have been diligently paying down their credit card debts, while others have been making the move to debit cards to give them greater control over their spending.
The latest figures from the Reserve Bank have shown that Aussies spent $8.8 billion on debit card purchases over the course of April, up more than $1.2 billion on figures from the same period in 2008.
This article is brought to you by Mozo – helping you compare debit cards