NZ credit card billings up slightly in October-RBNZ

WELLINGTON, Nov 20 - Credit card billings in New Zealand edged up in October, showing consumers are still cautious as the country emerges from a long recession.

The Reserve Bank of New Zealand said on Friday total billings increased a seasonally adjusted 0.2 percent last month, compared with a one percent fall in September.

Billings were 0.4 percent lower than a year earlier, after a 2.3 percent fall in September.

Other data this month has shown a 0.2 percent rise in total retail sales in September and a 0.2 percent fall in electronic card retail sales in October.

Analysts have suggested consumers had been paring back use of credit cards because of high interest rates and a reluctance to incur debt.

New Zealand emerged from five quarters of recession in the three months to June with meagre 0.1 percent growth.

The central bank has pledged to keep its cash rate at record lows through to the second half of 2010 to support the economy.