RBA notes fall in credit card expenditure

Less money was spent on credit cards during October, however, new research shows that the overall amount owed has increased.

New research has revealed a fall in Aussie credit transactions over the course of October.

During the month, the Reserve Bank of Australia (RBA) points out that a total $19.189 billion was spent via credit and charge cards, a fall of 0.3 per cent from the $19.246 billion expenditure seen in September.

The Australian banking statistics revealed that a total of $45.153 billion was owed on plastic cards by the end of the month, up from $45.139 billion, as repayments over the course of the year have dropped 0.9 per cent in value.

Findings from the RBA also showed a decline of 0.2 per cent in the number of cash advances on charge and credit cards, which ended the month at $2.43 million.

However, the value of these transactions increased 2.2 per cent to $977 million.

Meanwhile, research published by MyState Financial earlier this week showed the index tracking Tasmania residents' confidence in repaying debts fell for the third consecutive quarter, registering a score of 50.2.

By Nate Sawyer