Trend shows an increase in Credit Card repayments

The latest figures from the Reserve Bank of Australia show that more consumers are trying to reduce their credit card debt with an average balance in August of $2,999, down slightly from the previous month, but still 5.7 per cent higher than a year ago. A record $18.1 billion was repaid onto our cards which is $1.4 billion more than the same month last year. Still, total spending on cards was over $18 billion making the total outstanding debt in August $41.1 billion.