Statistics released by Veda Advantage, the country's largest credit reporting agency, show a large drop in applications for personal credit from those in the Generation Y age group, a demographic which has previously shown little reluctance in taking on debt.

Consumer credit applications in April, including credit cards, personal loans and hire purchases, fell sharply on the same month last year according to Veda Advantage, New Zealand's largest credit information provider.

13 November 2008 - Bank workers' union Finsec is calling on the banks to explain why the interest rates on credit cards haven't dropped in response to reductions in the Official Cash rate and in the face of mounting evidence that the recession is causing greater reliance on credit cards to cover