RBA reveals credit card transaction decline

Aussies are increasingly taking steps to lower credit card expenditure and repay what they owe, it has been revealed.

Less money is being spent on credit cards, new figures show.

Over the course of July, expenditure on credit and charge cards stood at a total of $18.1 billion, the Reserve Bank of Australia (RBA) reports.

Such a figure represents a fall of 1.1 per cent from the $18.4 billion splashed out in June, as the overall number of credit card transactions dropped 9,000.

Cash advances from credit cards have also dropped in terms of both value and number.

However, it appears people are increasingly concentrating on paying back what they owe.

The RBA's Australian banking statistics reveal that repayment on cards rose some 2.84 per cent over July to $19.839 billion, while over the previous 12 months a 1.59 per cent rise in repayments has been recorded.

Meanwhile, the value of balances accruing interest has fallen to $31.6 billion.

In other Aussie credit news, MWE Consulting recently reported that expenditure on debit cards has increased 17 per cent over the past year, compared to a four per cent rise in credit card spending.

Written by Emma North