Australia stuck in a rut as credit card debt hovers at $20 billion

Australians appear to be stuck in a debt rut with new RBA figures out today showing credit card debt accruing interest is hovering around $20 billion for the tenth month in a row.

Banks raise fixed rates as RBA hike speculation grows

A growing list of lenders are hiking 2- and 3-year fixed home loan rates despite the fact the Reserve Bank has kept the cash rate on hold this month.

Investors up the ante as home lending hits another record high

Investor lending has now hit the highest level since June 2015 with $9.13 billion of new loans in May. It comes at the cost of first home buyers, with the number of owner-occupier first home buyer loans dropping for the fourth month in a row.

PayPal dives into declining credit card market

The new credit card comes hot on the heels of PayPal’s new buy now, pay later service also scheduled to kick off in a matter of weeks.

Stubborn credit card debt sticks at $20 billion

Australians have wiped $6.96 billion of debt accruing interest off their credit cards in the year since COVID hit, however RBA data released today shows this figure is starting to plateau.

182 home loan rates under 2 per cent but for how long?

While the RBA remained on hold this month, lenders are starting to hike longer-term fixed rates as they factor in at least one cash rate rise in 2024.

Australia's new lowest home loan rate is 1.67% fixed, how does it stack up?

Lenders are continuing to battle it out to have the lowest home loan rate in Australia, with BCU today offering 1.67 per cent fixed for 1-year. However, after just 12-months it reverts to 4.06 per cent. That’s an increase of $473 a month for the average mortgage holder.

How capping credit card interest rates could save Australians $1.53 billion a year

Australia’s credit card debt has risen to a total of $20.03 billion dollars, according to new RBA statistics out today. It comes as there are growing calls for the federal government to regulate credit card interest rates so there’s a maximum margin with the RBA cash rate, which is 0.10 per cent.

CBA to launch buy now, pay later platform – how it stacks up against Afterpay

CBA has today become the first big four bank to create its own buy now, pay later platform.

Payments giant PayPal to enter the buy now, pay later sector - how does it stack up?

Competition in the buy now, pay later sector has just stepped up a notch with PayPal announcing it’s joining the club.