Credit card debt falls to four year low

More confirmation today that the consumer is not interested in leveraging up to carry the economy through the troubles ahead. Via COMSEC:

Figures released from the Reserve Bank show that the average credit card balance fell by $79.10 (2.5 per cent) in January to a 4-year low of $3,146.90. The average credit card balance was 1.6 per cent below a year ago. In smoothed terms (12 month average) the average balance was down by 2.6 per cent, unchanged on December and slightly down from the 2.7 per cent fall recorded in November (the biggest fall in 19 years of records).

• Of credit cards attracting interest charges, the average outstanding balance rose by $23.60 in January to $2,245.50. The average balance accruing interest is down by 4.8 per cent on a year ago. In smoothed terms (12 month average) the average balance was down by a record 5.5 per cent.
• The average credit card limit fell by $10.30 to $9,137.20 in January. The average credit card limit rose by 2.8 per cent in the year to January.
• The average number of transactions on credit cards in January was 10.6, down from 12.5 in December due to seasonal reasons. In smoothed terms the average number of credit card transactions was 10.40 in January – a record high. The average purchase on a credit card was $136.78 in smoothed terms (average for the year to January).
• The average number of transactions on debit cards in January was 7.7, down from 8.7 in December due to seasonal reasons. In smoothed terms the average number of credit card transactions was 7.66 in December – a record high. The average purchase on a debit card is $55.69.
• The number of credit card cash advances fell by 5.3 per cent in January (value down by 2.0 per cent). In smoothed terms, credit card advances are down 1.6 per cent on a year ago and have consistently fallen in the