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Demand for credit has spiked as consumers’ pockets continue to be hit hard.
Latest figures from credit reporting agency Centrix show new vehicle loans are up 14.4% year-on-year, with credit card demand rising 13%.
New mortgage lending is up 3% from pre-pandemic August 2019.
Centrix Managing Director, Keith McLaughlin, told Mike Hosking that historically, interest rates aren’t as high compared to where they have been over the last ten to fifteen years.
He said that while they have risen from where they were during Covid, they’re still not that high relatively, and as such, people are willing to borrow money.
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