Aussies paying off the cards

Credit card holders are paying off the card debts faster than ever before according to new figures released on Friday by Mastercard. Christmas shoppers spent a record $21 billion on credit cards over the christmas period.

70.8 per cent of card debt is currently accruing interest, the lowest level in more than one year, according Mastercard’s analyis if Reserve Bank of Australia data. Consumers are also more reluctant to make cash advances on their cards, wth cash advances falling 13 per cent compared to one year ago. The growth in credit card limits has also slowed to just 3.5 per cent in 2009, down from 12 per cent the year before.

Source: The Australian