Central Banking

Credit card growth blamed for spiralling debt

AUSTRALIA - The proliferation of credit cards has contributed to the bad management of personal debt, according to NRMA Building Society research.

The study found up to 72 per cent of people with credit cards had more than one card.

It comes after Reserve Bank of Australia figures showed credit card debt had blown out to $53.26 billion as of May 2001.

The central bank said this included all credit cards offered by banks and some lending to the commercial sector but did not cover charge cards

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