Money Credit card debt: Typical balance at a 10-year low prior to Christmas

18:50  02 january  2018
18:50  02 january  2018 Source:   Sydney Morning Herald

Kris Jenner Shares Christmas Eve Kardashian Card -- But Kylie Jenner Is Still Missing!

  Kris Jenner Shares Christmas Eve Kardashian Card -- But Kylie Jenner Is Still Missing! Where is the younger KarJenner?Kris Jenner shared the family's "Day 24" Christmas card via social media on Sunday. The aesthetic is the same as every other photo released this month, with the Kardashian-Jenners decked out in their best white shirts and jeans.

Credit cards have replaced cash as the most used method of payment in Australia. 'Tap and go' payments have led the change.

Credit cards have replaced cash as the most used method of payment in Australia. 'Tap and go' payments have led the change.

The typical outstanding credit card balance was $3061.90 at the end of October, the lowest since late 2007.© Greg Newington The typical outstanding credit card balance was $3061.90 at the end of October, the lowest since late 2007. Australian consumers launched into their annual Christmas spending spree with the average credit card debt at the lowest level in a decade.

The latest figures on card use from the Reserve Bank shows the typical outstanding credit card balance was $3061.90 at the end of October, the lowest since late 2007.

That's more than $300 lower than when Australia's average credit card debt peaked in 2012.

Craig James, an economist at stockbroker CommSec who analyses credit card spending, believes young consumers have contributed to a shift in credit card use.

The Kardashian's annual Christmas card is here, but one person is missing

  The Kardashian's annual Christmas card is here, but one person is missing The Kardashian-Jenner Christmas cards are a bit of a big deal. This year, there’s something not quite right about the family’s annual Christmas card.Every year, like clockwork, the Kardashian-Jenner clan send an OTT Christmas card out into the world. It's been a tradition for the family since the '80s – a time before they were reality TV royalty. (Hard to imagine, we know.

Australian consumers launched into their annual Christmas spending spree with the average credit card debt at the lowest level in a decade. The latest figures on card use from the Reserve Bank shows the typical outstanding credit card balance was 61.90 at the end of October

Credit cards have replaced cash as the most used method of payment in Australia. 'Tap and go' payments have led the change.

"Welcome to the age of the 'new consumer'," he said.

"There's a generational change happening at the moment. It appears that Gen Ys and Millennials prefer to pay with debit cards rather than credit cards."

Mr James estimates the share of credit cards using their maximum credit limit in October was the smallest in 19 years.

QLD woman had a very snakey Christmas and we're done

  QLD woman had a very snakey Christmas and we're done Queensland woman finds a Red-bellied Black Snake curled up on her thongs for Christmas.Unfortunately one Queensland woman got just that when she stepped outside on Christmas Eve to find a deadly red-bellied black snake snuggling her rubber slippers.

Transferring your balance means you’d be paying 0 in interest a year ; add on the balance But if your credit card company applies payments to the lowest -interest balances first, your Transferring a credit card balance should be a tool to help you get out of debt faster and spend less

The average American family now has over $ 10 ,000 in credit card debt , according to recent reports. While the typical loan consolidation is done to lower interest rates or lowers the monthly payments by increasing the life of the loan, credit card debt consolidation is different.

In a further sign of changing behaviour, the total number of credit cards on issue in October was lower than a year earlier – the first annual decline since credit cards started to transform the way we pay during the 1980s.

The share of payments made with credit and debit cards has been growing rapidly. A Reserve Bank survey released earlier this year showed 52 per cent of all Australian payments in 2016 were made with credit and debit cards, up from 43 per cent in 2013.

But consumers have grown more reluctant to take on credit card debt.

Mr James said the 2008 global financial crisis had caused households to adopt a more cautious posture. An extended period of low wages growth had also made consumers more wary of card debt.

"The old adage that Australians spend like there's no tomorrow and whack it on the plastic card has basically gone out the window," said James.

"People are now more likely to keep their credit card in order."

Kanye West's Christmas gift to Kim Kardashian was as extra as you'd expect

  Kanye West's Christmas gift to Kim Kardashian was as extra as you'd expect Kim Kardashian posted a video of her 2017 Christmas gift from Kanye West to her Instagram story. It's as extra as you'd expect: ft. at least $100,000 of shares in Disney.© Provided by Bauer Media Pty Ltd Earlier this morning, Kim uploaded a video of her 2017 Christmas gift from Kanye. She starts with two ordinary looking boxes.

* Credit card debt is 3.5% of total debt . (Federal Reserve Survey of Consumer Finances). *In 2006, the average credit card user charged 6 for Christmas shopping. (CBS News). *Over the past 10 years , household debt has grown by 147%, credit card debt has grown by 69%.

The "Pros" Of Balance Transfer Credit Cards . 1. Low or zero percent interest rates. For example, let's say that you have $ 10 ,000 in credit card debt at 19% interest, and monthly minimum payments equal to 2% of the outstanding balance .

A decade ago, credit card debt was booming. Between 2000 and 2010 the number of credit cards on issue surged by 6 million and Australia's collective credit card debt nearly quadrupled from $12.5 billion to $49 billion.

The nation's outstanding credit card balance hit $50 billion for the first time in 2011 but growth has been far more subdued since. The total reached $52.8 billion in December 2017 but had fallen back to $51.2 billion in October.

The share of credit card balances accruing interest (that is card debt not subject to an interest-free period) has declined much more sharply. After reached an all-time high of $37.1 billion in April 2012 the share of card debt attracting interest has been slashed by over $5 billion. It stood at $31.6 billion in October.

Personal credit data released by the Reserve Bank on Friday was consistent with the trend for consumers to be more cautious about card debt. It showed personal credit down by 0.2 per cent in November and 1.2 per cent lower over the year – the biggest annual decline in more than five years.

The Reserve will release detailed figures on December 2017 credit card spending in late February.

Australians left with $29 billion credit card debt bill after Christmas .
Australia is waking up to an almighty festive financial hangover.Aussies spent, on average, $1,727 per credit card in the month leading up to Christmas, a Finder.com.au analysis of Reserve Bank data revealed.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!