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AUSTRALIANS MOVE TO SLASH DEBT.
SYDNEY, March 2 Asia Pulse - A slowing economy and a fear of losing their jobs is motivating many Australians to slash their debt, economists say.
In recent months, personal credit growth has slowed to rates last seen in the 1991-92 recession.
Personal borrowing levels, which includes credit cards, margin loans and personal loans, fell by 0.2 per cent in January, the Reserve Bank of Australia said.
Other personal credit shrank for the eight consecutive month in January, the longest run of contraction in personal credit, other than for housing, since the 1991-92 recession.
Commsec economist Savanth Sebastian said clearing debt was attractive for Australians in the current economic climate.
"At the moment, consumers are probably looking at the global economy, realising it is weak and they have big concerns about employment," Mr Sebastian said.
"They are really shunning away from debt in this environment.
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Source: HighBeam Research, AUSTRALIANS MOVE TO SLASH DEBT.