Baby Boomers and Generation Y are back in significant numbers seeking credit. Latest statistics from the country's largest credit bureau show that after two years of falling demand, 2011 was a year when consumers turned back to credit cards and mortgages.

Veda Managing Director John Roberts says "consumers are getting their confidence back when it comes to seeking credit again to support their purchasing."

But he points out "consumers are not showing the confidence to borrow that they did before the Global Financial Crisis and signs of a deteriorating global economy this year may serve to dint post-GFC confidence levels."

The Veda statistics show demand for credit cards hit the bottom of the demand cycle in 2009, started to climb back in 2010 and moved into positive growth last year. Customer credit card inquiries were up 11.85 percent in 2011 compared with 2010 while Baby Boomer inquiries were up 23.50 percent.

Mortgage inquiries were up 12.80 percent for the 2011 year compared with 2010. It was Gen Y that led the generational breakdown on those seeking mortgages. There was a 25.03 percent increase in mortgage inquiries from those aged 28 years and under during 2011.

The number of consumers defaulting on bills and loan repayments fell by 18.29 percent in 2011.

Veda's experience in monitoring credit demand shows that the commercial environment is 18 months behind the consumer environment.

Right now New Zealand businesses are looking at a 'Year of the Slow Payer' with companies facing a 60 day wait to be paid for goods and services.

"Veda saw the slow-payer trend develop over 2011 and it is our view that this is only going to worsen this year. The trouble for businesses is that slow payers have the ability to slow down their businesses - it becomes a nasty downward spiral," Mr Roberts says.