Credit card debt falling

Credit cardholders are working harder to pay their debts.

Until 2006, credit card holders added to their unpaid card debts at a rate of 10 to 20 per cent each year. But that debt growth began to drop as cardholders made bigger repayments.

In June, the total debt cardholders’ interest rose just 0.12 per cent compared to June 2011 – the second-lowest change on record and lower than during the GFC.

Source: Sunday Telegraph