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Credit card repayments increase
The latest figures from the Reserve Bank of Australia show that more consumers are trying to reduce their credit card debt with an average balance in August of $2,999, down slightly from the previous month, but still 5.7 per cent higher than a year ago. A record $18.1 billion was repaid onto our cards which is $1.4 billion more than the same month last year. Still, total spending on cards was over $18 billion making the total outstanding debt in August $41.1 billion.
News Source: Infochoice.com.au
October 27th, 2007 at 7:49 pm
[...] FrugalBlogger placed an interesting blog post on Credit card repayments increase.Here’s a brief overview:The latest figures from the Reserve Bank of Australia show that more consumers are trying to reduce their credit card debt with an average balance in August of $2999, down slightly from the previous month, but still 5.7 per cent higher … [...]