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Appetite for credit returning - Veda Advantage

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Fuseworks Media
Fuseworks Media
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veda advantage.gif

A renewed appetite for credit ahead of Christmas has been interpreted as a sign of an improving economy.

Inquiries in mortgages and credit cards increased in December, although consumer credit inquiries eased, according to credit bureau Veda Advantage.

Credit card applications rose 5.7 percent in December 2010 compared with December 2009, with the greatest interest from baby boomers -- those born post-World War 2, between 1946 and 1964, the first of who are now reaching the retirement age.

Mortgage applications rose nearly 1 percent. Consumer credit applications were down 1.9 percent on a year earlier, although they were still above a low hit in 2009.

"The credit crunch shocked people and they changed their behaviours quickly, but now we are seeing a renewed but cautious approach to credit," said Veda Advantage managing director John Roberts.

"People were clearly more active in late 2010, and I expect to see this optimism continue in 2011."

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