Aussie credit card holders getting to grips with credit cards

Aussie credit card holders are increasingly looking to get their credit card spending under control.

In figures released by the Reserve Bank of Australia, borrowing on credit cards and other 'personal purposes' - which also includes personal and margin loans - fell by some 0.2 per cent in January.

Borrowing via other forms of personal credit declined for the eighth successive month in January.

Helen Kevans, economist for JP Morgan, points out the monthly decline comes as people are increasingly looking to get to grips with their credit cards and other forms of debt.

"The wealth destruction occurring in the highly leveraged household sector has encouraged a large portion of the population to pay down debt and/or boost precautionary savings, rather than take on additional loans," she states.

And those looking to get on a firm financial footing may be interested to read recent comments by the Sunday Morning Herald which urged people - despite the credit crisis - to attempt to make more than the minimal repayments on their credit cards whenever possible.

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