Credit card debt on the rise
Thursday December 20, 2007
Reserve Bank of Australia (RBA)figures released today showed that credit card debt went up in October to $41.282 billion.
No doubt that figure will be boosted significantly in the lead up to Christmas as shoppers not only buy last minute gifts but also take advantage of the sales in the days following Christmas.
Australian's paid a total of $18.799 billion in credit card payments in October, up from $16.444 billion in September.
As a nation, we made almost 20 million more purchases on our credit cards in October than we did in September, spending $24 million compared to the previous month.
Australian's spent $123.021 million in October compared with $104.983 million in September while cash advances also increased in October with $1.109 billion being borrowed, up from $958 million the previous month.
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