Aussies love debit for shopping

The latest data from strategic research firm RFi shows the use of debit cards has more than doubled in the last decade.

RFi director Alan Shields said there had been a “fundamental shift” in the way people pay for goods and services. The nation’s attitude towards credit card use had taken a sharp turn.

“Rather than using their credit cards as they have done in the past we are using it more as a spending tool than a borrowing tool,” he said.

Australian Bankers’ Association chief executive Steven Munchenberg said Australians have continued to take a tough approach to paying down debt.

“Even though we’re using our credit cards more, the average debt outstanding on credit cards has been flat for four years,” he said.

Source: The Daily Telegraph