DEC VOLUME
Growth in credit card debt dipped again in January, declining by A$700 million. Credit card volume also slipped 3% due to the weight of credit card surcharges and the economy at large. Year-on-year credit card debt growth has slowed to 5%, compared to 6% in the prior month and 10% one-year ago. According to the Reserve Bank of Australia credit card balances hit A$44.6 billion in January versus A$42.3 billion one-year ago. Credit limits now stand at A$123.6 billion, compared to A$115.3 billion in January 2008. According to the Reserve Bank of Australia there are currently 14.3 million credit card and charge card accounts in Australia, compared to 14.0 million one-year ago.