Australians borrowing more on their credit cards

Peter Terlato 12 September 2016

EFTPOS credit card machine

Personal finance credit, loans and commitments rise.

New statistics reveal personal finance lending commitments rose in July, suggesting Australians are borrowing and spending more on their credit cards.

The latest Australian Bureau of Statistics (ABS) lending finance figures show a 3.6% month-on-month increase in total personal finance commitments for July 2016.

Total commitments rose to $7.134 billion in July.

Personal finance is money provided to individuals for non-business use.

Included in this category are fixed loans (9.8%) and revolving credit (0.3%) finance, both up month-on-month.

Earlier we reported the value of Australian home loans slipped 1.8% in July, lead by a 3.1% drop in owner-occupied housing value.

The value of commercial finance commitments – finance for business or investment purposes – fell 1.7% to $37.759 billion.

Lease finance fell sharply in July, down 8.7% to $491 million.

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