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December, 2007

Personal Loans Facing Off Against Credit Cards

In an age of increasing debt levels among many consumers, it's no surprise to note that personal lending products have been experiencing strong growth. The two most relevant products in personal lending, credit cards and personal loans, are at times seen as complementary with one another and at other times, in direct competition with one another. Which of these will triumph as Australia continues its strong economic growth due to the resource boom and all time low unemployment rates? Market share of personal loans, including overdrafts and unsecured personal loans, amounted to over $19.11 billion in the month of October 2007. But this only accounted for 2.47% of the total consumer lending size worth $772.97 billion.

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