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Credit card spending drops in October

Credit card billings in New Zealand fell in October from the same month a year earlier in the first annual decline in three years.

Total billings in New Zealand shrank 0.9% to a seasonally adjusted $2.7 billion last month from October 2011 as spending on overseas cards shrank by a quarter, Reserve Bank figures show.

Last year's local billings on foreign-issued cards were bolstered by an influx of visitors for the Rugby World Cup.

Local billings on New Zealand issued cards rose 2.9% to $2.42 billion in October from a year earlier and were up 0.5% on a monthly basis.

Earlier this month, government data showed spending on credit and debit cards rose 4.6% to $5.61 billion in October from a year earlier, led by increases going on fuel and vehicles.

Credit cards accounted for about 44%t of transactions that month.

(BusinessDesk)

Comments and questions

I guess this is due to us all having so much spare cash sloshing around in our pockets with John Key and Bill English brilliant handling of NZ economy.
Much easier to hand over cash than reconciling receipts.
No need to save too much as next few years are going to improve so much that our current high deficit will be reduced enormously.
John and Bill do not tell lies so gotta believe what they say.

Yeah right !!!!

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