Aussies get on top of their debt

Mike Ebstein, principal of MWE, wrote in an MWE monthly report that total personal debt held by households fell marginally over the June 2012 quarter, and fell by two per cent over the year.

MWE derives its data from Reserve Bank of Australia's measures of household debt and is based on quarterly averages.

New lending commitments across all categories – housing, personal, commercial and leasing finance – increased by 1.9 per cent in June, after falling by 7.3 per cent in May, on a seasonally adjusted basis, CommSec said. Lending is up 2.6 per cent on a year ago.

Source: Banking Day