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Every month the Reserve Bank of Australia ("RBA") releases a range of statistics for transactions incurred 2 months prior across a range of products.
These payment statistics offer an insight across several products including Credit and Charge Cards, ATM Cash Withdrawals, Debit Card Statistics, Cheque and Direct Entry Payments, etc
This month we've focused our attention on Credit and Charge Card statistics for the month of April 2017. The key points coming out of these statistics were as follows:
The number of credit and charge card accounts held by Australians
The number of credit and charge card purchase transactions
The value of credit and charge card purchase transactions
The total value of credit and charge card repayments
The total value of credit and charge card balances accruing interest
The value of credit and charge card total balances
The value of credit and charge card credit limits
The graph below shows a direct comparison to the same period last year:
While there were increases across all credit and charge card statistics overall all increases were less than 1%
The RBA indicated that approximately 2 million Australians fail to pay off their credit card balance in full each month. With the average credit card limit of $4,500 it would take 31 years in which to finalise the balance making minimum repayments only.