THE total value of credit card and charge card transactions, including advances, fell by 22 per cent in January, Reserve Bank figures released today show.
Australians spent $17.1 billion on their credit and charge cards, compared to $22 billion in December. While transactions typically decline in January after December’s Christmas rush, this was the biggest monthly fall since January 2005.
Total credit and charge card balances outstanding declined by 1.6 per cent to $46.1 billion from $46.9 billion. Balances outstanding rose by 5 per cent over the past 12 months, compared with an average annual increase of 1 per cent for the preceding five years.
news.com.au