Reserve Bank figures show that there were 15.8 million credit card accounts and 40.3 million debit card accounts in January

Craig James

CommSec

Reserve Bank figures show that there were 15.8 million credit card accounts and 40.3 million debit card accounts in January. Debit card accounts are growing at a 5.6 per cent annual rate. The average credit card balance fell by $86.20 (2.6 per cent) to $3,170.50 in January - the biggest monthly fall in four years. Compared with a year ago, the average credit card balance was up just 0.2 per cent - well below the 1.7 per cent rate of inflation. The average credit card limit rose by $5.10 to $9,074.20 in January to be up 2.7 per cent over the year. Usage of credit card limits fell to a 13-year low of 34.9 per cent in January.


Craig James
Craig James
Chief Economist
CommSec

I am married with three children (all in their 20s) and currently live in Huntleys Cove in the inner west of Sydney. Chief interest is athletics and trying to keeping up with the children.My current role is Chief Economist, Commonwealth...

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