Aussies paying off the credit card
Australians continue to pay down their credit card debt with repayments in July 2009 at $19.839 billion – up $546 billion from June. This reduced total balances by $283 million to $44.569 billion.
Total credit card transactions dropped in July. The total number of transactions fell by 112,000 to 127.2 million and the value of those transactions dropped by $266 million to $19.14 billion.
Scheme debit remains the driving force behind card transactions. When we compare the value of scheme debit purchases in July 2009 ($2.556 billion) to July 2008, we see an increase of 30.85%.
Similarly, the number of purchases increased from the month of July last year by over 7 million or 32.69% to 28.875 million in July 2009.