Australian consumers have become increasingly cautious about taking on extra debt, the Veda Advantage Credit Demand Index has revealed.
According to Veda Advantage, growth in applications for credit cards and personal loans decelerated considerably over the second half of 2007 – the first significant slowdown in four years.
The total number of consumer credit applications lodged over the period July-December 2007 decreased by two per cent from the same period the year prior.
Veda Advantage general manager of information services and solutions Erica Hughes said that the index shows consumers may be feeling less comfortable about taking on debt.
“Consumers may be concerned about another interest rate hike and may have factored this into their credit and debt decisions,” she said.
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