The RBA released its December credit card data this morning and it shows a modest rise in purchases for Chrissy:
It’s interesting to note the double top this year with October/November also proving unusually strong. Could this be the rise of online purchases with time left for delivery before the big day?
Total balances remain just below a record level:
Interesting that total credit card debt is lower than this time last year. That didn’t even happen during the GFC.
Rather than being the rise of online purchases, I’d suggest that the double top is due to the abject failure of December. Also, there was something similar in 2007, so it’s probably due to a trading-days effect i.e. more weekdays in Oct/Nov this year than normal.
Yes, that fits the broader picture better.
There does look to be a levelling out.
Well it’s just nice to see a graph on credit card debt that isn’t trending parabolic.