Baby boomers renew fondness for credit cards, Veda Advantage says

New Zealand baby boomers – those kiwis aged between 44 and 62- have renewed their fondness for credit cards, with inquiries surging about 27 percent in the first 10 months of 2011.

Overall consumer credit card inquiries rose an annualised 3.7 percent and gained about 6 percent in the month of October, credit information company Veda Advantage said in a statement.

Credit card inquiries for Gen X, aged 28-43, increased 3.3 percent and Gen Y, 28 and under, rose 5.6 percent.

“We are continuing to witness a sharp change in consumer attitude towards credit compared with pre-global financial crisis appetites,” said John Roberts, Veda’s managing director.

Baby boomer applications for credit cards rose about 10 percent in October, the most for any age group.

For home loans, Gen Y showed the biggest increase in demand, with mortgage inquires jumping 36 percent in the year to date and gaining 23 percent in October from a year earlier, Veda said.

BusinessDesk.co.nz

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