Aussies love their credit cards again
Australians are back to using and collecting debt on their credit cards. We have $49 billion collectively on credit cards and that figure is expected to jump to $52 billion by the end of 2014.
The national credit card debt has almost doubled in 10 years, as has the number of transactions made on cards.
The average cardholder balance is $3,147, an increase from $2,377 in 2004.
Credit card applications grew strongly in the March quarter according to the latest Veda Consumer Credit Demand Index.
Veda's general manager of consumer risk, Angus Luffman, said: “The March quarter was the fourth consecutive quarter of growth for credit card applications, after two years of weakness.”
Overall consumer credit demand (credit cards and personal loans) in the March quarter was 3.1 per cent higher than the previous corresponding period.
Source: Dynamic Business, Banking Day