Families choosing debit over credit cards

Many families are cutting up their credit cards altogether and raising their families without consumer credit at all.

The number of credit cards on issue in Australia is falling for the first time ever and average credit card debts are going down as well.

Revolving credit commitments, like credit cards, fell 7.3 per cent and business revolving credit plummeted by 15 per cent in September, reported the ABS this week. The average credit card debt fell by $10 to $3,292.60.

Source: Courier Mail