Borrowers choosing loans over cards

Veda Advantage said that the number of inquiries for consumer credit recorded through its credit bureau increased by 0.1 per cent over the year to June 2012. This is up from a decline of 4.5 per cent in the year to March 2012.

Demand for car loans increased 16 per cent over a year (and is in line with record sales of new cars). Over the last year demand for credit cards was down 1.2 per cent, demand for home loans was up 0.7 per cent and demand for personal loans was up 1.4 per cent.

Source: Banking Day