(14 September 2011 – Australia) New figures released by the Reserve Bank Australia (RBA) have shown that people are abandoning credit cards and embracing Eftpos and Debit cards.RBA showed that the average credit card balance slipped A$28.50 in July, the biggest midyear slide since records began 17 years ago.
People reached for debit cards a record 204 million times in July, up 18.9 percent on the year before, and reached for credit cards 131 million times, up only 1.9 percent.
These days credit cards are used rarely to borrow cash. They were used at banks for cash advances 2 million times in July, down from a peak of 3 million in 2007. By contrast people swiped cards at retail EFTPOS terminals a near-record 226 million times, up from 181 million a year earlier.
People took out cash as they swiped 21 million times, up from 20 million, and took out cash a further 1.6 million times, unaccompanied by purchases, another record.
People are also withdrawing from ATMs less frequently in a fight from fees. They withdrew cash 70 million times in July, down from 71 million the year before.
During the month just 21 million cheques were written, down from a peak of 50 million a month early last decade. Cash was transferred electronically 211 million times, up from 208 million a year before.