Credit card demand waning – Personal Loans Up: Veda

Applications for credit cards fell 9.9 per cent in the last quarter of 2011, recording the largest Q4 fall since 2009 and the second largest year on year last quarter drop in six years.

Queensland registered the biggest year on year decline, recording a 14.5 per cent fall in demand, followed by New South Wales (11.8 per cent) and Victoria (7.7 per cent), according to the latest Consumer Credit Demand Index from Veda.

The sharp decline in credit card applications across the country late last year bucked the trend from earlier quarters in 2011, pointing to a slowdown in consumer demand for credit during the final three months of the year.

 

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