Business
Festive season credit card debt now a ghost of Christmas past – Sydney Morning Herald
Australians are set to emerge from the Christmas season with the lowest January credit card debt in more than a decade after the pandemic made consumers more cautious…
“The Christmas spike in credit card spending is now a thing of the past,” he said.
“People have been spending less on their credit cards but, even more critically, theyve been accelerating the rate at which they have been repaying the money they owe on their credit cards.”
The number of credit cards on issue has also plummeted. In mid-2017 there were 15.4 million personal credit card accounts in Australia but that fell to 12.9 million in October, the lowest since mid-2008. Between January and October…
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