Ireland Sees a Slowdown in Credit
A recent study from the Irish government has concentrated on looking at the credit market as a whole. They have analysed the mortgages as well as credit card industries to see what is happening due to the current economic crisis. Ireland has found their mortgage rates have slowed to a 22 year low, but they are also showing about 9.3 percent of a downturn in credit cards.
This rate of increase on debt has actually fallen in 2008 from 2007. In 2007 the average increase on credit card use was 10 percent. Furthermore the rate that credit cards are being used from month to month has also decreased. This does not mean that all credit activity has stopped though. There is still about 200 billion Euros in the money supply related to the credit offerings for September. It is an increase of .4 percent and still rather low, but there is at least a money supply for credit to be offered.
It looks like credit cards and even the mortgage industry will continue to decline for consumers taking out loans at the moment. It could be that these consumers are just trying to save up for the holidays, but more likely it is the recession Ireland is in.
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