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AUSTRALIAN CREDIT CARD DEBT PEAKS AT NEW HIGH.
SYDNEY, April 1 Asia Pulse - Australia's credit card debt has hit a new high, according to a new report.
The Datamonitor Personal Lending in Australia 2004 report found the average balance on Australian's credit card jumped 70 per cent to $A2,466 ($US1,853.32) in 2003, compared to just ,445 in 1999.
The report also showed total credit card balances in Australia amounted to $24.1 billion at the end of 2003 up from .6 billion at the end of 1999.
According to Datamonitor both housing and personal debt in Australia is now rising faster than disposable income.
The report said combined total debt per Australian adult rose 60 per cent to $35,674 in 2003, up from $22,158 in 1999.
"While the current level of indebtedness in the Australian economy is high it is largely manageable, even if the Reserve Bank decides to tighten its monetary policy slightly in 2004," Datamonitor financial analysts Alex Boorman said.
"Other economic indicators such as unemployment, consumer confidence and GDP growth remain positive and there is no indication of significant change in the short term.
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