Total credit card billings in New Zealand were down 0.4% in December from a year ago, while seasonally adjusted data shows billings fell 1.3% from November, figures released by the Reserve Bank of New Zealand show. The monthly fall came on the back of 0.8% growth in November and 0.1% growth in October. The credit card numbers reinforce signals from bank credit data showing consumers are being careful not to add much debt or put inflationary pressure on prices, giving the Reserve Bank leeway to leave the Official Cash Rate on hold at 2.5% until the middle of 2010. Meanwhile, total credit card advances outstanding for personal and business cards fell 0.6% from December 2008, with seasonal adjustment showing a 0.2% fall from November. Total credit limits in December 2009 were down 1.2% from a year ago to NZ$17.53 billion. Total advances outstanding amounted to 31% of total credit limits, from 30.1% in November and 30.8% in December 2008.
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