Outstanding credit card balances decline 1.6%

Outstanding credit card balances have decreased, according to recent figures.

There has been a 1.6 per cent decline in outstanding credit card balances, according to recent figures from the Reserve Bank of Australia (RBA).

Values were down from $46.912 billion in December to $46.152 billion in January, the Australian Associated Press reported.

The previous five Januarys had averaged change of 1.8 per cent, - classed as "normal" - which was reflected in this year's result despite it not being seasonally adjusted.

But Aussie credit card debt outstanding was five per cent in the year up to January, which was reflected in the 2009 retail sales figures that "picked up" after they stalled at the beginning.

However, the amount of sales made with credit cards was only 4.4 per cent after standing at 8.5 per cent on average for the past five years.

The Commonwealth Bank recently announced Australians aged between 30 and 64 years of age had increased their credit card spending throughout the global financial crisis.

By Kate Guthrie