BIIA member Baycorp Advantage reports that Credit card demand was flat for the second consecutive quarter, with year-on-year growth in applications for new cards of just 0.4 per cent, according to the Baycorp Advantage Consumer Credit Demand Index.

Credit card applications were 931,576 in July to September – a drop of 168 applications nationwide or 0.02 per cent, compared to the June quarter. Consumers instead increasingly turned to personal loans to finance purchases and refinance debts, with personal loan applications increasing 6.7 per cent compared with the September quarter 2005.  Source: Baycorp Advantage news

BIIA Newsletter February – 2007 Issue