Aussies wise up to repayment

Following the recent hacks at the base rate made by the Reserve Bank, many Australians are taking the opportunity to pay off debts on credit cards and personal loans, it has been claimed.

Such is the finding of a new report from credit card firm Mastercard, which has praised consumers for their commitment to reducing their debts during this difficult time.

The company enthused: “[This is] a solid sign that consumers understand the monetary triggers from the Reserve Bank and the government’s fiscal policies and are not spending beyond their means.”

Meanwhile, the Daily Telegraph pointed to figures from the Bank which showed that repayment on credit cards and personal loans shot up 19.5 per cent in the year to September.

However, the Australian Associated Press has noted that while repayments grew in September, so did overall spending on credit cards and charge cards.

In total, consumers spent nearly $19.2 billion on plastic during the course of September.ADNFCR-1761-ID-18889740-ADNFCR