Aussies pay $83 off their card debt

Analysis by the Australian Bankers’ Association (ABA) of Reserve Bank of Australia (RBA) credit card data demonstrates customers are paying down debt and are sensibly managing their credit cards.

For the first time, the amount of the credit card balance which is accruing interest has fallen over a one-year period. That is, over the year to the end of June 2009, the amount accruing interest was almost 1% less than for the previous year.

David Bell, Chief Executive of the ABA, said: “While this result stands out, if we look at the past three months, the amount accruing interest has fallen by a very large $1 billion or 3%. On a per card basis, it’s a fall of $83 or 3.7% for every credit card account over that time.”

Source: Australian Bankers Association