Latest payment data from the Reserve Bank of Australia shows $205m of new debt was added to credit card balances over December, a 1 per cent increase on the previous month.According to the RBA data, balances accruing interest at the end of the month hit $20.16bn.It also recorded an 8 per cent, or $1.8bn, hike in the value of credit card transactions made in the month, bringing the total number of payments to $24.6bnRateCity research director Sally Tindall said debt accruing interest had increased for the second month in a row, with the estimated interest bill for December sitting at close to $290m.RateCity research director Sally Tindall said debt accruing interest had increased for the second month in a row Picture: SuppliedSource:Suppliedhouseholds tend to spend more over the holidays, what worrying is for two months in a row, debt accruing interest has increased, she said.sky high interest rates that climb up to 24.99 per cent, credit card debt can be crippling. The monthly rise, the total value of credit debt is trending down with card holders at the end of December wiping away close to $7bn in personal loans compared with a year ago.Credit products in circulation are also tracking down an annual fall of 9.1 per cent in the number of cards on issue.Canstar executive Steve Mickenbecker said the end of the early release of superannuation scheme and recovered spending patterns from the pandemic could prompt further rise in interest accruing debt in months to come.the early withdrawal of superannuation now at an end, it likely that future falls in debt will be more muted than we saw in 2020, he said.card debt may rise further, given retail spending has recovered quickly, and it is likely that some of this will find its way into increasing credit card debt during 2021. Picture: NCA NewsWire/Joel CarrettSource:News Corp AustraliaIn a House economics hearing last Friday, RBA governor Philip Lowe urged Australians to shop around for a better credit card and said they should not willingly accept high interest rates set by providers and banks.have frustration that there are still credit cards in the Australian marketplace with interest rates around 20 per cent, Dr Lowe said.you got a credit card with a high interest rate and you don like it, go and find another one because there are ones out there, and if, collectively, we, as Australians, do move to the better products, the banks will have to withdraw the bad ones the bad, high interest rate ones.
Ingham County: Eastminster Elementary in East Lansing, three students and staff. Lapeer County: Lapeer High School, 16 students and staff. Lenawee County: Tecumseh High School, four students; Lenawee Christian Schools, three students; Lenawee Hockey League, three students.