In Your Interest

Australians becoming smarter with their cards as debt falls

New analysis reveals Australians are becoming smarter in the way they manage their credit cards, with overall debt falling over the past year, the percentage of debt accruing interest at a historical low and a very low use of available credit card limits. This new analysis by the Australian Bankers’ Association reveals a fall in the country’s overall credit card debt for only the third time in history with the country repaying not just interest but reducing the overall outstanding balance by $260 million to $52.2 billion. ABA Chief Economist Tony Pearson said the fall in debt reflected increasingly savvy customers. “Overall credit card holders are becoming more financially savvy, taking care

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