RBA report reveals changing pattern of card use
Australians are increasingly favouring debit over credit cards
Consumers in Australia are changing their use of payments cards, according to a report by the Reserve Bank of Australia (RBA), published today (August 18).
The report is the central bank's submission to a senate inquiry into credit card interest rates. As the RBA's report says, standard interest rates on credit cards tend to be "very high", although many offer interest-free periods. Overall, the stock of credit card debt that accrues interest has been falling in recent years.
Australians are
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