There are many news articles about credit card levels, either going up or down, at various times of the year. So many that it can get a bit confusion trying to work out exactly what figures are being quoted.
Do these balances include or exclude the credit cards that are not actually used for credit ? For example you may spend $3,000 every month on your card for everyday things, and then pay it all off with the money in your savings account. But it appears that you have actually added to the Credit card debt figure that is often used. Do you consider your $3,000 monthly spending to be a debt ?
Some more figures from the RBA:
Sept 2009
- Australians spent $19.246 billion on their credit and charge cards
- Australian repaid $19.602 billion on their credit and charge cards
- Net effect: Consumers paid back $356 million MORE than they spent on Credit and Charge cards in September 2009.
February 2009
- Australians spent $17.130 billion on their credit and charge cards
- Australian repaid $16.789 billion on their credit and charge cards
- Net effect: Consumers paid back $341 million LESS than they spent on Credit and Charge cards in February 2009.
Annualised figures show the following in A$ Millions:
| 12 Months ended | Card Purchases | Card Repayments | Net repayments exceeding spending |
| Jun-2005 | $163,710 | $164,015 | $305 |
| Jun-2006 | $178,353 | $178,929 | $575 |
| Jun-2007 | $194,036 | $196,289 | $2,253 |
| Jun-2008 | $214,107 | $216,760 | $2,653 |
| Jun-2009 | $221,176 | $226,245 | $5,069 |
| Sep-2009 | $222,412 | $227,277 | $4,865 |
The excess card repayments have doubled, since 2007 and 2008, and almost 10 times as much as in 2005 and 2006.
This indicates that Credit card debt is being paid down much faster than in previous years.
Sources: