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Credit card market finishes 2011 on another low note

The value of credit and charge card spending for the year to December fell A$246 million to $248.9 billion, according to the latest MWE Consulting payment industry report.Spend per credit and charge account increased two per cent, from $16,355 in 2010 to $16,687 last year. The average balance rose marginally from $3309 to $3311.The number of cards on issue rose by less than 200,000.Credit and charge card balances fell from 4.44 per cent of bank household credit balances in 2010 to 4.24 per cent last year.

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