Credit card holders reduce debt in time of covid

Mon, 22 Jun 2020

Credit card holders have been repaying what they owe with month-end balances getting smaller, however, there’s a small but growing value of debt that’s more than 90 days past its due date. Reserve Bank figures released today show there was $6.04 billion outstanding on domestic credit cards at the end of May, down 16.6 percent from the same month a year earlier, and only 5.2 percent higher than April, when the covid lockdown saw balances fall to the lowest since October 2012. While credit card holders have generally been deleveraging, ther...

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