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Credit card debt rising again

13/01/2012

New figures published by the Reserve Bank today showed that total Australian credit card balances tipped over $50 billion for the first time in November last year.

The figures are expected to grow even higher once the traditional Christmas spending is taken into account in the December figures.

The RBA numbers show that there are more than 15 million credit card accounts in Australia up from 14.7 million just one year ago.

During November, consumers spent $21.1 billion in 147 million individual transactions. Australians paid $21.4 billion off their debt but there was still $36.2 billion accruing interest.

Source: The Australian



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