Debit cards more popular than credit cards
Consumers continue to increase their use of debit faster than their use of credit.
Reserve bank figures released yesterday show that consumers made purchases on debit cards worth an average of A$12.6 billion a month during the first seven months of this year.
That is 5.9 per cent higher than the average monthly spend last year, which was $11.9 billion a month, and 20 per cent higher than the average in 2010 ($10.5 billion a month).
Compared with this, average monthly purchases on credit cards for the first seven months of this year were up on last year's monthly average by three per cent and up on the 2010 average by 7.9 per cent. Credit card balances accruing interest, at $36.7 billion in July, have remained largely the same over the past 12 months.
Source: Banking Day