Aussies are paying off their credit cards

Aussies continue to be careful with their credit cards and personal debt.

According to the Reserve Bank, personal loan balances fell 0.3 per cent in April, and fell 0.2 per cent over the 12 months to April. Australian Prudential Regulatory Authority data shows a 0.4 per cent fall in credit card balances in April, and a 1.8 per cent fall over the 12 months to April.

Almost A$450 million has been wiped off bank credit card balances over the past two years – about 1.25 per cent of total balances.

Source: Banking Day

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