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.

Hire purchase applications in particular, experienced a large decrease of 32% on April 2008, continuing the downward trend from the previous month - a fall of 12% on March 2009.

Personal loan applications in April this year also dropped - down 19% on April 2008, and 18% from the preceding month of March. Although credit card applications experienced the least decline from April 2008, a fall of 13%, comparisons with March 2009 show a drop of 17%.

Veda Advantage New Zealand Managing Director John Roberts says, ``The consistently downward trend across all credit categories points to a continued lack of confidence among consumers, and little appetite for borrowing that may expose households to unnecessary risk. Clearly, most New Zealanders believe the recession has yet to bottom out.''