Average credit card debt going down

The average credit and charge card balance fell three per cent, from A$3364, in February 2012, to $3281 in February 2013 according to the Reserve Bank. The average balance accruing interest in February stood at $2354 – down four per cent on a year earlier.

The total value of credit and charge card purchases fell 0.7 per cent, from $20.3 billion, in February 2012, to $20.2 billion a year later.

Card-holders spent an average of $16,629 on credit and charge cards during the 12 months to February. There was no growth in spend per card.

In contrast, the value of debit card purchases rose eight per cent over the same period.

Source: Banking Day