Rising rates, inflation bite into credit demand

Tue, 05 Jul 2022

Falling confidence and rising inflation and interest rates are eating into disposable incomes and contributing to sharp declines in consumer, mortgage and business lending.The latest data from credit reporting company Centrix showed all new household lending in May was down 33% on May last year and business credit demand was down 13%.Customer inquiries for Buy Now, Pay Later (BNPL) and new credit card demand were down 32% and 22% in May compared with the same month last year.But while new residential mortgage lending was down 34% compared with...

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