The Veda Quarterly Consumer Credit Demand Index, which measures the volume of credit card and personal loan applications processed through Veda’s Consumer Credit Bureau, saw a lift in consumer credit demand in the March quarter, with annual growth of 3.9% compared with the same period last year.
Demand for credit cards, up +13.5% for the quarter, was offset by a -5.2% contraction in demand for personal loans compared with the March quarter 2014. The March quarter experienced the strongest growth in credit card demand since 2006. Angus Luffman, Veda’s General Manager of Consumer Risk, said the high demand for credit cards was being driven by two main factors. The first factor was strong marketing activity by the major card issuers which continued to drive churn in the market.
The Veda Quarterly Consumer Credit Demand Index provides an early indication of movements in consumer spending and retail sales.
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