Growth in credit card debt eases

THE pace of growth in credit card debt slowed in the year to end October from 18% per annum to 16.9% as private sector credit growth eased to its lowest level since July 2005.

Central Bank credit figures said the adjusted annual growth rate fell to 27.7% in October, down from 28.1% in September. Credit growth hit a six-year peak of 30.3% in June.

Despite indications of a slow down, consumers and business are still borrowing heavily.

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