Credit card revulsion rolls on

From COMMSEC:

Figures released from the Reserve Bank show that the average credit card balance rebounded from a 4-year low in February, lifting by $58.70 (1.9 per cent) to $3,205.60. The average credit card balance was still 2.3 per cent below a year ago. In smoothed terms (12 month average) the average balance was down by 2.6 per cent, unchanged on January but 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 $1.40 in February to $2,246.90. The average balance accruing interest is down by 4.6 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 30 cents to $9,126.60 in February. The average credit card limit rose by just 0.3 per cent in the year to February.
• The average number of transactions on credit cards in February was 9.8, down from 10.6 in January and 12.5 in December due to seasonal reasons. In smoothed terms the average number of credit card transactions was 10.44 in February – a record high. The average purchase on a credit card was $136.72 in smoothed terms (average for the year to February).

• The average number of transactions on debit cards in February was 7.1, down from 7.7 in January and 8.7 in December due to seasonal reasons. In smoothed terms the average number of credit card transactions was 7.69 in February – a record high. The average purchase on a debit card is $55.62.
• The number of credit card cash advances fell by 8.0 per cent in February (value down by 1.0 per cent). In smoothed terms, credit card advances are down 1.0 per cent on a year ago and have consistently fallen in the past five years.

When you consider the extent of population growth, this is a picture of intense revolving debt revulsion.