Consumers start to moderate credit card use

The average outstanding balance on a credit card grew by $32 in November to $3025. However, in a sign that consumers may be more sensitive to higher interest rates, the annual growth of a little over 5 per cent is the slowest rate since records began in 1994. In the year to November purchases grew by nearly 12 per cent but cash advances were down 4.5 per cent, the seventh consecutive year of decline.

By The Australian Financial Review

Advertisement