Weather Report: Credit card growth slows

The proportion of New Zealand credit card balances incurring interest rose to 71.7% by the end of February from 69.2% at the end of January, its highest level since mid-2003 and up from 68.5% in February a year ago, data released by the Reserve Bank shows. This suggests New Zealanders are allowing the interest bearing portion of their credit card balances to rise, either because they can't pay it off or they are choosing to let the balance rise because they are more confident about the future.