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New Zealand Credit Card Spending Falls In February

Total credit card spending in New Zealand decreased in February after rising in the previous two months, data from the Reserve Bank of New Zealand showed Tuesday.

Credit card spending dropped 1.4 percent month-over-month in February, reversing a 0.4 percent increase in January.

Domestic billings declined 0.6 percent over the month to NZ$2.853 billion and overseas billings dipped by 3.9 percent.

On an annual basis, credit card spending growth eased to 5.3 percent in February from 7.1 percent in the preceding month.

Data also showed that credit card balances rose 0.3 percent from January, when it increased by 0.4 percent. Yearly, credit card balances climbed at a faster pace of 3.2 percent in February, following a 2.9 percent gain in the preceding month.

by RTTNews Staff Writer

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