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Monday, 14 August 2017

Credit card balances down again in FY2017

Credit cards out of vogue

The average credit card balance accruing interest moved slightly lower once again over the 2017 financial year.

Credit balances have been easing for years now. 

In fact, the growth in the number of cards was the lowest across the entire quarter of a century of available data. 

The average credit card balance as at 30 June was $3,130, while the average balance accruing interest was also well down on a year earlier at $1,936.

The average balance was slightly lower than a year ago - and much lower than six years ago - even before adjusting for inflation.