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Financial News: New Zealand Credit Card Spending Climbs Further

New Zealand Credit Card Spending Climbs Further

06/22/2017 - 01:44:00 (RTTNews)

(RTTNews) - Total credit card spending in New Zealand increased for the third straight month in May, data from the Reserve Bank of New Zealand showed Thursday.

Credit card spending climbed 0.9 percent month-over-month in May, just below the 1.0 percent stable rate of rise in April.

Domestic billings also rose 0.9 percent over the month to NZ$3.31 billion, while overseas billings dropped by 1.6 percent.

On an annual basis, credit card spending growth accelerated to 7.6 percent in May from 6.5 percent in the prior month.

Data also revealed that credit card balances increased 0.1 percent from April, when it climbed by 0.4 percent. Annually, credit card balances rose 4.0 percent in May after a 3.7 percent gain in the prior month.

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