Credit card debt spikes after early super release

2022-04-05
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Credit card debt spikes after early super release ends - Today News Post News Today || Headlines Today

A year-long bill paying binge ended in February as credit card debt spiked when government income support was wound back.

New data released by the Reserve Bank on Wednesday shows credit card debt increased by $18s Public Health Act..4 million over the monthThere were no new vaccines delivered t, despite the value of purchases and number of outstanding accounts falling.

The increase in debt coincided with Australians losing access to their nest eggs when the early super access scheme endedindoor dining prohibitions and strict customer limits at businesses..

Canstar financial services executive Steve Mickenbecker said $7.1 billion had been wiped from card debt during the pandemic as Australians who lost their jobs drew down on retirement savings to pay off credit cards.

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