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Consumer credit card demand growing

09 April 2014 3:42PM
Credit card applications grew strongly in the March quarter, suggesting that a market dormant for some years might be returning to growth.According to the latest Veda Consumer Credit Demand Index, the volume of credit card applications that went through Veda's consumer credit bureau during the March quarter was up 6.4 per cent on the previous corresponding period, after rising 2.1 per cent in the December quarter.Veda's general manager of consumer risk, Angus Luffman, said in a statement: "The March quarter was the fourth consecutive quarter of growth for credit card applications, after two years of weakness. Increased marketing activity by major lenders drove higher applications."Overall consumer credit demand (credit cards and personal loans) in the March quarter was 3.1 per cent higher than the previous corresponding period. Personal loan applications were flat.

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