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Financial News: New Zealand Credit Card Spending Falls In August

New Zealand Credit Card Spending Falls In August

09/21/2017 - 00:18:00 (RTTNews)

(RTTNews) - Total credit card spending in New Zealand decreased for the first time in six months in August, data from the Reserve Bank of New Zealand showed Thursday.

Credit card spending fell 0.7 percent month-over-month in August, reversing 0.8 rise in the previous month.

Domestic billings dropped 0.1 percent over the month to NZ$3.09 billion and overseas billings also edged down by 0.1 percent.

On an annual basis, credit card spending growth eased to 6.4 percent in August from 7.1 percent in July.

Data also revealed that credit card balances rose 0.4 percent monthly in August, following a 0.5 percent increase in the preceding month.

Annually, credit card balances grew at a faster pace of 5.4 percent in August after a 4.6 percent rise in July.

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