Fewer commercial credit defaults
Credit defaults amongst businesses are on the decline.
Fewer businesses and individuals are defaulting on bills and loans according to the latest report from data intelligence company Veda.
The number of commercial defaults fell by 19.83% in October 2011 compared with the previous October, with defaults for individuals in October 2011 being down 25.15% compared to the same month of last year.
Along with the drop in bill defaults, mortgage inquiries were up 23.35% for the month of October compared with the previous October, with Gen Y (<28 years) consumers spiking at 36.43%. This does not necessarily suggest a significant step up in property sales, rather that the figures may reflect how people prioritise shopping as their loans come off fixed term.
“This increasing demand for credit is in line with a gradual improvement in economic conditions here,” says Veda managing director John Roberts.
“The data tells us that New Zealanders are cautiously moving on from the Global Financial Crisis but they remain wary knowing that the global financial shakedown is continuing in Europe.”
Robert McCambridge
Tue, 22 Nov 2011
Tue, 22 Nov 2011
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Fewer commercial credit defaults
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