Parabolic rise before quadpay report, page-4

IMO BNPL is now a tidal wave but still growing

Today

Credit card debt has hit its lowest level in more than 15 years, with Australians switching to cheaper lending services such as buy now, pay later (BNPL). Figures from the Reserve Bank of Australia show outstanding amounts on credit cards have fallen to $20.6 billion, the lowest level since 2004.From the beginning of the coronavirus pandemic, Australian credit card holders have wiped $6.3 billion, which is a 23.5 per cent reduction in the total amount owing across all accounts.According to the RBA, 13.1 million credit cards are in circulation, the lowest number since April 2008.RateCity research director Sally Tindall said the amount being paid off per month was slowing since its peak in May, when $1.6 billion was paid back.

The August data shows Australians wiped away $831 million in credit card debt. “The number of credit card accounts is also plummeting as many people turn their backs on credit cards for good,” Ms Tindall said. “Providers know the glory days are over for credit cards. They’re frantically trying to create new options to challenge the buy-now-pay-later industry, but it could be too little too late.”

https://www.news.com.au/finance/business/australian-credit-card-debt-hits-lowest-level-in-16-years/news-story/cec71f448f87697f20f192ef3a1ed190