Australians Spent More On Credit Cards In September

Post by Sharat on November 19, 2009 · Under Australian Economy, Business News, credit cards · Comment

Australians increased the total value of their spending on charge and credit cards including advances by 2 per cent during the month of September, data released by the Australian central bank shows.

The total value of spending by Australians on charge and credit cards during September was $19.246 billion, up from $18.869 billion in the previous month.

The value of credit card repayments increased by 3.5 per cent during the month, to $19.602 billion, according to a monthly bulletin released by the Reserve Bank of Australia on Thursday.

Total balances outstanding on charge and credit cards increased by 2.4 per cent to $45.139 billion, whilst account balances that accrued interest declined marginally to $32.435 billion for the month.

Charge and credit card purchases by value rose 1.9 per cent for the month, whilst the value of cash advances on charge and credit cards also rose by 0.7 per cent, with the actual number of advances increasing by 4.1 per cent.

By value, credit and charge card purchases increased 1.9 per cent to $18.290 billion in September, from $17.951 billion in August.

There were 14.351 million purchases using charge and credit cards in September, whilst the number of charge and credit card accounts remained flat for the month.Total credit card repayments fell by 0.3 per cent over the year.

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