ANZ reveals credit card arrears rise

Getting to grips with credit card repayments appears to be an increasing area of difficulty for Aussies.

In its latest trading update, ANZ Bank reveals as the grip of the credit crisis tightened, that the level of Aussie credit card arrears rose slightly over the course of 2008, although the financial services provider states that it remains "well controlled".

Furthermore, it could be possible that those with business credit cards are struggling as arrears within the Australian commercial portfolio were also shown to have risen over the course of last year.

Mike Smith, chief executive officer of ANZ Bank, states: "We remain confident in our position and the future at a time when many banks around the world are facing very significant difficulty."

He adds that the action being taken through the financial stimulus package is "considerable and welcome".

Indeed, it appears that those living in the Yass Valley region of New South Wales are going to use the money received from Kevin Rudd's financial stimulus investment to get to grips with their credit card debts and other spending commitments, rather than its intention of boosting expenditure at the retail tills, the Yass Tribune reported.

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