Aussies like their credit cards again
Aussies are starting to like their credit cards again. Reserve Bank data issued yesterday shows the number of accounts is rising steadily, the value of cash advances and purchases has picked up in recent months, credit limits are growing and so are account balances that are accruing interest.
Credit card purchases were up 6.7 per cent in April. They have increased by 8.1 per cent since January. Cash advance values have increased from a low of $751 million, in February, to $864 million, in April.
Balances accruing interest fell steadily throughout 2012 but have increased 3.2 per cent in April, to $36.15 billion.
Source: Banking Day