To our credit, more of us living within our means

PRIVATE sector credit levels fell to a 19-month low in November, a sign that Australians are becoming less keen on debt, economists say.

Total credit provided to the private sector by banks and other lenders was unchanged in November after a rise of 0.1 per cent in October.

November was the weakest monthly outcome since April 2011, according to the seasonally adjusted data released by the Reserve Bank on Monday.

Chief economist for CommSec Craig James said consumers' attitude to debt had become one of caution.

''The new mantra is 'living within your means' as opposed to the old theory that borrowing was the quick way to achieve a higher standard of living or lifestyle,'' he said.


Topics:  budgeting credit debt

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