Record year for credit card applications

Australians applied for a record 3.7 million new credit cards in 2006 - almost 190,000 more than in 2005, according to a study.

The Baycorp Advantage Consumer Credit Demand Index also found the growth rate for credit card applications slowed to 5.3 per cent, down from 16.9 per cent in the previous year.

Baycorp Advantage general manager for information services and solutions Erica Hughes said the three interest rate rises in 2006 had created a more cautious environment.

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