Demand for consumer credit lowest in 4 years

Incoming Minister of Consumer Affairs Heather Roy has been advised that demand for consumer credit is at its lowest in four years, while debt defaults have doubled.

Consumer debt statistics have been reported by Veda Advantage and reported on National Radio this week.

Credit cards default payments are up by 23% on last year and 28% to the end of June. An estimated 70% of credit card users pay only their minimum monthly balance.

Finsec members have continually called on all the banks to amend their sales targets in light of the economic downturn.

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