Australians Spend Marginally Less Credit Cards In October

Post by NeilMc on December 23, 2009 · Under Australian Economy, Business News, banking, credit cards · Comment 

New data from the Reserve bank of Australia shows that the total value of charge and credit card transactions including advances fell marginally in October by 0.3 per cent.

According to the figures Australians spent $19.189 billion on their charge and credit cards in October.

And the average balances carried on those cards declined very slightly by $5 from September to $3,141 in October. During the same month in 2008, the average credit card balance was $3,111.

Despite the slight decline, average credit card balances have grown 1.0 per cent during the year, though this does not compare favourably with the five year average annual growth rate of 5.8 per cent.

Credit card repayments also increased marginally in October by 0.2 per cent, whilst the total value of outstanding balances in October grew to $45.153 billion, from $45.139 billion in the previous month.

Whilst outstanding balances grew, the balances which accrued interest dipped in September, falling to $32.360 billion from $32.435 billion in the previous month.

Purchase by value on charge and credit cards (excluding advances) declined 0.4 per cent in October from the September level.

Whilst the value of credit card cash advances increased by 2.2 per cent to $977 million in October.

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