Australians paid off their credit card debt in record numbers in May, according to Reserve Bank data.
But analysts say the debt repayments have come at the expense of superannuation, with the tax office having approved roughly $25 billion of early withdrawal claims from 2.4 million people.
New figures released by the Reserve Bank of Australia on Tuesday revealed credit card holders paid off $1.64 billion in balances accruing interest in May, according to comparison website RateCity.
That represents a 6.45 per cent fall in credit card debt accruing interest from April the biggest monthly decrease in the metrics history.
RateCity research director Sally Tindall said Australians had taken the bull by the horns after the pandemic forced …
Read the full article at: https://thenewdaily.com.au/finance/your-budget/2020/07/07/credit-card-debt-pandemic/