Total credit limits for business and personal credit card customers in New Zealand contracted 0.2% in July from June to NZ$17.55 billion, figures released by the Reserve Bank show.

Total credit card advances outstanding fell 0.6% in July from June to NZ$5.15 billion. Annual growth in advances outstanding has slowed to a virtual standstill of 0.16% after falling from 8.7% in September last year.

Meanwhile, Reserve Bank figures for personal credit cards show the amount of advances outstanding being charged interest rose slightly from 70.4% in May to 70.7% in June. Both total advances and the amount incurring interest fell, although the former fell by more than the latter.

Those looking at the chart should note there was a series break in the total credit limits data in August 2008, contributing to the big visual drop in the third tab.