The Reserve Bank last week reported the total credit card debt in Australia has grown to a record $45.4 billion - an average of $3,139 per cardholder.
However, the total spent on credit cards in February was $17.1 billion, up slightly on January, but well below the monthly average for 2008.
Analysts are concerned at the figures, which indicate credit card spending is dropping, but balances continue to rise. They point to current economic conditions such as rising unemployment which has led Australians to cut back on their credit card repayments by 7.1%.
On a positive note, the data suggested the trend away from cash advances is continuing. The volume of cash advances in February fell by 1.8% to pre-economic crisis levels. It was the 21st consecutive month of falls for cash advances.
