Credit card use 'on the up'

New figures have shown an increase in credit card transactions.

The popularity of using Aussie credit products to purchase goods has risen, it has been revealed.

Figures released by the Reserve Bank of Australia (RBA) show that just over $20 billion was spent using charge and credit cards over the course of November, an increase from the $19.18 billion recorded in October.

And an increasing amount of such Australian banking products were opened during the month - with the overall number rising 0.2 per cent during November.

With the number of accounts rising, growth was also noted on the typical balance owed - standing at an average of $3,196.

Not only is the $3,143 above the same month in 2008, it is also higher than the $3,141 balance seen in October 2009.

The overall outstanding card balance stood at $46.04 billion, with repayments falling 0.6 per cent.

Australians who are keen on getting to grips with their finances may however wish to make note of advice from Money-AU, which pointed out that getting a clear picture in their head of how much they owe can be the first step in getting on a firmer fiscal footing.

By Joe Letts