Australians Are Paying Down Credit Card Debt

It seems that Australian consumers are becoming increasingly pessimistic about debt with the latest survey from Dun & Bradstreet showing that household debt expectations dropped as low as 18 per cent during the March quarter from 26 per cent. These findings support a Newspoll survey which sampled 1200 people and revealed that Australians are becoming increasingly concerned about paying down debt reducing discretionary spending and generally adopting a conservative monetary approach to spending and personal debt.

According to chief executive of Dun & Bradstreet, Gareth Jones, based on their survey findings he claims that there has been a sizeable change in spending behaviour with a greater degree of caution applied to each spending decision and more focus on living within our means. Jones said that this change in attitude, especially in regard to discretionary spending, could have a negative impact on retail and businesses, but that the upside of this ongoing mood of fiscal restraint is that it may convert into lower levels of personal debt and default.

Source:
http://www.money-au.com.au/finance-news/banking/australians-paying-down-credit-card-debt-8925/

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