Debt gets personal as credit cards are paid off.

Australasian Business Intelligence, November, 2006

Byline: Katherine Jimenez

Nov 09, 2006 (The Australian - ABIX via COMTEX) -- The Veda Advantage consumer credit demand index shows a 6.7 rise in personal loan applications to 683,677 in Australia over the past year. Managing director of Veda Advantage, Andrew Want, said the index confirms anecdotal evidence that a greater number of consumers are consolidating their debts by taking out personal loans to pay off their credit cards. Reserve Bank of Australia figures show that outstanding personal debt rose by $A1.4bn to $A129.4bn in September 2006, and increased by $A12.4bn over the year.

Publication Date: 10 November 2006

 
VEDA ADVANTAGE LIMITED - ASX VEA 
RESERVE BANK OF AUSTRALIA 

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