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Credit card debt still on the nose
Topic Started: 14 Jul 2014, 07:38 PM (396 Views)
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Figures released from the Reserve Bank show that the average credit card balance rose by just $8.60 (0.3 percent) to $3,235.60 in May. The average credit card balance was flat on a year ago. In smoothed terms (12 month average) the average balance was down by 1.9 per cent.

Of credit cards attracting interest charges, the average outstanding balance fell by $24.10 in May to $2,228.30. The average balance accruing interest is down by 3.3 per cent on a year ago. In smoothed terms (12 month average) the average balance was down by 4.9 per cent.
The number of credit cards rose by 8,000 in May to 15.451 million after falling by 212,000 in the previous two months. Credit card accounts are up just 0.8 per cent on a year ago.
The average credit card limit fell by $23.40 to $9,274.70 in May. The average credit card limit rose by 2.1 per cent in the year to May.
The average number of transactions on credit cards in May was 10.8, up from 10.5 in March. In smoothed terms the average number of credit card transactions hit a record high of 10.56 in May. The average purchase on a credit card was $136.76 in smoothed terms (average for the year to May).
The average number of transactions on debit cards in May was 8.0, up from 7.7 in April. In smoothed terms the average number of debit card transactions was 7.79 in May – a record high. The average purchase on a debit card is $53.73.
The number of debit card accounts rose by 8,000 to 38.489 million in May.
The rolling annual average of ATM transactions in May was down by 4.7 per cent over the year – the 22nd consecutive annual decline and highlighting the on-going trend away from cash to electronic value transactions.


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Credit card-debt decline sparks price war

October 20, 2014 - 12:15AM
Jared Lynch

More people are cutting credit card debt as they attempt to rein in household debt, prompting banks to entice customers with cash backs and zero interest deals.

According to NAB, the number of its customers who paid their credit cards in full surged 4.8 per cent in September, compared with the same month last year.

NAB general manager for consumer lending Angus Gilfillan said the increase reflected a change in attitude to paying off debt, which began during the financial crisis six years ago.

Even so, household debt remains at record levels. The financial system inquiry noted that the average household debt had risen from about 80 per cent of annual disposable income to about 150 per cent, and has stayed near that level since.

On Monday, NAB unveiled an offer of zero interest for 15 months on its low-rate card and on balance transfers on its premium card.

Mr Gilfillan said the deal was aimed at increasing market share, with NAB holding about 13.5 per cent of Australia's credit card market. But he said it was also in response to customers demanding greater flexibility in credit interest payments over the Christmas holiday period.

"They're entertaining more, they're eating out, potentially there is also some travel involved," said Mr Gilfillan. "What we're providing here is an offer that will allow customers to be more flexible in how they manage that expenditure and spread the cost over a greater period of time."

It follows Commonwealth Bank offering a $100 cash back on new credit cards, Westpac zero interest rate on balance transfers for 14 months, while ANZ hopes to entice customers with nil interest for the first 16 months on balance transfers.

Read more: http://www.smh.com.au/business/credit-carddebt-decline-sparks-price-war-20141019-117v50.html
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