Credit card advances stall in June

Total outstanding credit card advances in June totalled $5.157 billion, the same as in May and almost identical to the same time a year ago, when advances totaled $5.103 billion.

Previously, the total outstanding had been falling after peaking at $5.464 billion in December last year, according to statistics from the Reserve Bank.

The contraction in total credit limits continued, falling to $17.59 billion from a peak of 19.234 billion in July last year, just before the global credit crunch.

Interest rates on credit cards also stalled at an average 18.4%, down from 20.2% between June and November 2008.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Scott Secures NZ$18 million in Global Contracts for Protein
January 14th Morning Report
AFT - NEW YEAR LETTER TO INVESTORS
TruScreen Invited to Present WHO AI Collaboration Meeting
January 13th Morning Report
January 10th Morning Report
January 9th Morning Report
FCG - Migration to NZX Main Board
FSF - Application to delist FSF from ASX has been submitted
January 8th Morning Report