We still love our credit cards

The average credit card account balance was $3,196 in November, according to official figures released yesterday by the Reserve Bank of Australia, compared with $3,141 in October, and $3,143 in November, 2008.

Australians, on average grew their credit card balance outstanding by 1.7 per cent over the year to November, compared with an average annual rise of 5.8 per cent over the preceding five years.

Repayments on credit cards fell 0.6 per cent in November.

By value, credit and charge card purchases (excluding cash advances) increased 4.6 per cent in November, while the value of cash advances on credit and charge cards fell by 2.3 per cent in November.

The number of credit and charge card accounts increased 0.2 in November and by 1.3 per cent over the year to November to 14.406 million.

Total EFTPOS purchases, including cash outs, fell 1.5 per cent in November but were up 14.4 per cent in the 12 months to November.

Source: Herald Sun