ZB ZB
Live now
Start time
Playing for
End time
Listen live
Listen to NAME OF STATION
Up next
Listen live on
ZB

Why is the demand for credit rising?

Author
Newstalk ZB,
Publish Date
Tue, 3 Oct 2023, 8:49am
Photo \ Getty Images | File
Photo \ Getty Images | File

Why is the demand for credit rising?

Author
Newstalk ZB,
Publish Date
Tue, 3 Oct 2023, 8:49am

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.

LISTEN ABOVE 

Take your Radio, Podcasts and Music with you