Aussies have their credit cards under control

The number of Australian households with credit card debt has fallen dramatically over the past year, as people continue to focus on building savings and reducing consumer debt.

According to the latest St George Bank-Melbourne Institute Household Financial Conditions Report, the proportion of households with credit card debt fell from 38.8 per cent in the June quarter last year to 30.8 per cent in the June quarter this year.

The proportion of households with store credit and car finance has also fallen over the past year, while the number with mortgage and HECS debt has increased.

Source: Banking Day

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