Australians Spend Less On Credit Cards In July

Post by NeilMc on September 17, 2009 · Under Australian Economy, Business News, banking, credit cards · Comment

Australian credit card transactions fell during the month of July according to data released by the Reserve bank of Australia on Thursday. The total value of charge and credit card transactions including advances declined by 1.37 per cent.

$19.139 billion was spent on charge and credit cards by Australians in July, down from $19.405 billion in the previous month. Credit card repayments increased by 2.84 percent to $19.839 billion for the month.

During July, the balances held on charge and credit cards declined by 0.6 per cent to $44.569 billion from $44.853 billion, whilst balances which accrued interest fell to $31.653 billion in July from $31.703 billion in June.

In terms of value, charge and credit card purchases fell by 1.1 per cent in July from the previous month, whilst the total value of cash advances also fell by 5.6 per cent to $943 million.

The actual number of cash advances on credit and charge cards fell by 3.9 per cent in the month.

Despite the fall in spending the number of credit and charge card accounts actually increased by 16,000 in July, though the number of transactions or purchases using credit cards fell by 9,000.

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