New figures from the Reserve Bank of Australia (RBA) confirms that Aussies are paying down debt at an astonishing rate, with billions of dollars worth of credit card debt wiped-out.
According to the RBA, outstanding credit card debt in January fell by $7.4 billion relative to the same month in 2020, with total outstanding credit card debt now at $20.0 billion.
The number of credit card accounts in circulation also fell by around one million compared to a year ago.
