Australian credit card debt hits lowest level in 16 years – NEWS.com.au

Credit card debt has hit its lowest level in more than 15 years, with Australians switching to cheaper lending services such as buy now, pay later. Figures from the Reserve Bank of Australia show outstanding amounts on credit cards have fallen to $20.6 billion, the lowest level since 2004.
From the beginning of the coronavirus pandemic, Australian credit card holders have wiped $6.3 billion, which is a 23.5 per cent reduction in the total amount owing across all accounts.
According to the RBA,…

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