Afterpay Valuation, page-3435

First 3435 Last

Share
Profile

Follow
trader_1993

1,254 Posts.

250

08/09/20

09:27

Post #: 47161978
Share

Originally posted by StefanF: ↑

Credit card debt continues to fall

08 September 2020 6:36AM mce-anchorJohn Kavanagh
Consumers and businesses wiped another significant chunk off their credit card debt in July, continuing a trend that has been one of the features of the financial impact of COVID-19.
According to the latest Reserve Bank payments data, balances accruing interest on personal credit and charge cards fell 5.7 per cent from A$22.7 billion in June to $21.4 per cent in July.
Balances accruing interest have fallen more than 20 per cent since January and are now at their lowest level since 2005.
The average balance accruing interest on a personal credit card account in July was $1633, compared with $1981 in July last year.
In the commercial credit and charge card market, balances accruing interest fell 7.9 per cent from $1.05 billion in June to $971 million in July.
Balances accruing interest on commercial cards have fallen around 24 per cent per cent since January and a now at their lowest since 2009.

Total balances for personal and consumer credit and charge cards are also well down.
The volume of transactions on personal cards has picked up over the past few months, as has the value of transactions, but this has been more than offset by repayments.
The number of personal credit and charge card accounts was 13.1 million in July – the lowest number since 2008. The number of commercial accounts was 816,000 – also the lowest since 2008.
Meanwhile, use of debit card accounts continues to grow. The number of purchases using debit increased by 7.3 per cent to 714.9 million, compared with the previous month, and the value increased by 10.4 per cent to $35.2 billion.
Since the start of the year, the value of debit card purchases has grown by 22 per cent.

Expand

Credit card debt fell because they are being responsible during these times. People are watching their spending, it doesn't correlate to more BNPL services being used.

Afterpay attracts the losers that can't get a credit card, hence the increased bad debts these BNPL will attract.

APT Price at posting: $76.35 Sentiment: Sell Disclosure: Not Held
4 Upvote

0 Great analysis

Reply

Top Stories

SLS

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

COD

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

BCI

BCI reaches close of funding facility for salt-first part of Mardie project

BUX

Buxton projects new graphite province discovery at WA Narryer play

CKA

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

RCE

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

WCN

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

NTI

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

There are more pages in this discussion • 3,377 more messages in this thread...

First 3435 Last

Add APT (ASX) to my watchlist

Afterpay Valuation, page-3435

Top Stories

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

BCI reaches close of funding facility for salt-first part of Mardie project

Buxton projects new graphite province discovery at WA Narryer play

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Featured News