Northland Property Investors' Association

northland@nzpif.org.nz

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16-07-2008

Veda Advantage releases six-month economic review as times get tougher for Kiwis

 15 July 2008 – Veda Advantage, New Zealand’s largest credit information provider, today released its first biannual snapshot of the New Zealand economy, based upon comprehensive information collated from its Credit Bureau comparing key indicators from January to June 2008 with the same 6 month period in 2007. The overall picture of the economy contains little good news for those hoping predictions of a coming recession are exaggerated.

Hire Purchase and Personal Loan Applications

Total consumer credit enquiries for the first six months of 2008 are down 10% on the same period last year, making 2008 the third consecutive year of decline in consumer credit applications. The number of applications for hire purchases from January to June this year has also dropped by 9.5% over the equivalent period in 2007, continuing a steady decline in hire purchase lending over the last four years. Personal loan applications are also down 16%, which will further impact the beleaguered retail sector.

 Click here for full report

 

  Click here for graphs supporting this data

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