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Aussies slash credit card debt by $1.11 billion in lockdown
The national credit card debt accruing interest has fallen to its lowest level in almost two decades as Australians move to wipe debt in lockdown.
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Australia stuck in a rut as credit card debt hovers at $20 billion
Australians appear to be stuck in a debt rut with new RBA figures out today showing credit card debt accruing interest is hovering around $20 billion for the tenth month in a row.
Bank fees fall, but Australians still fork out $3.56 billion
Australians forked out $3.56 billion in personal bank fees last financial year, new figures from the RBA show. This equates to around $364 per household in bank fees a year.
PayPal dives into declining credit card market
The new credit card comes hot on the heels of PayPal’s new buy now, pay later service also scheduled to kick off in a matter of weeks.
Stubborn credit card debt sticks at $20 billion
Australians have wiped $6.96 billion of debt accruing interest off their credit cards in the year since COVID hit, however RBA data released today shows this figure is starting to plateau.
Travel spend on credit cards back thanks to trans-Tasman bubble
Credit card usage is making a resurgence compared to COVID-lows recorded this time last year, according to the latest Citi Australian Credit Card Index. April marks the third month in a row in which credit card spend was above COVID levels.
Credit card lending increasing, but yet to reach pre-COVID levels
Australians are understood to be spending more confidently on their credit cards, though not yet at the same rate as before the pandemic, according to recent statistics from the Australian Prudential Regulation Authority (APRA).
Spend on travel up as consumer confidence bounces back
Consumer confidence is back, and Aussies are using their plastic again for travel, with the latest Citi research showing spending increased 23 per cent month-on-month.
How capping credit card interest rates could save Australians $1.53 billion a year
Australia’s credit card debt has risen to a total of $20.03 billion dollars, according to new RBA statistics out today. It comes as there are growing calls for the federal government to regulate credit card interest rates so there’s a maximum margin with the RBA cash rate, which is 0.10 per cent.
CBA to launch buy now, pay later platform – how it stacks up against Afterpay
CBA has today become the first big four bank to create its own buy now, pay later platform.