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.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.