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1.Market Observations, 8.Was Sticky

18 Sept 2019 (AFR) – Nervous consumers cutting debt, not spending

(18 September 2019, AFR, p24, Duncan Hughes, Reporter)

‘Nervous consumers have paid more than $1.7 billion off credit card debt in a month and are accelerating mortgage repayments as tax and rate cuts boost household incomes, despite federal government hopes of a new housing and consumer boom. Exclusive analysis of credit card repayments for The Australian Financial Review shows repayments soared about 17.5 per cent during July as users paid down debt on cards, which continue to charge interest rates of more than 25 per cent and annual fees that can top $300. This is according to research house Canstar.’

Read more at (might need AFR login access, or try:

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