Consumers spending up on credit cards

Despite all the doom and gloom, including the turmoil being seen on the Australian stockmarket today, consumers are still spending up big, particularly on their credit cards.

The total value of credit and charge card transactions, including advances, rose in September, figures from the Reserve Bank of Australia show.

Australians spent $19.191 billion on their credit and charge cards in September, compared with $17.802 billion in August, a rise of 7.8 per cent.

The value of cash advances on credit and charge cards rose by 7.9 per cent to $1.092 billion in September from $1.012 billion in August.

By value, credit card purchases increased by 7.8 per cent to $18.099 billion in September, from $16.790 billion in August.

The number of purchases was up 10.3 per cent in September, while the number of cash advances rose by 10.4 per cent.

The total of outstanding credit and charge card balances was up 0.1 per cent to $44.649 billion in September, from $44.594 billion in August.

Balances accruing interest rose 0.9 per cent to $32.344 billion, from $32.051 billion.

Total credit and charge card balances outstanding have grown by 8.5 per cent over the past 12 months, compared with an average of 13.3 per cent during the preceding five years.

Credit card repayments rose by 8.2 per cent to $19.654 billion in September from $18.159 billion in August.

Total credit card repayments have risen by 19.5 per cent over the past 12 months, compared with an average of 8.5 per cent during the preceding five years.

The number of credit and charge card accounts rose by 0.3 per cent in September.