Aussie credit card balances down in July

The typical Australian credit card balance dropped in July.

Australian consumers with credit cards to their name saw the average balance in the country dip during the month of July.

The latest statistics show the typical figure among people down under dropped by $28.50 to $3,311.80, according to Switzer.

It is the largest fall during any July since records were first kept 17 years ago, indicating buyers are paying via other methods.

The numbers also mean the average credit card bill is 1.5 per cent higher now than it was at this time last year – an amount that is some way short of inflation.

However, it was a different story in the latest lending figures, as borrowing soared by four per cent in July – on the back of a 3.7 per cent decline in June, the news source noted.

The Australian newspaper recently told how Billabong – the sports clothing brand – is struggling, possibly as the result of less consumer spending.

By Nate Sawyer