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

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