More than 426,000 people now 'past due'

Credit card demand up almost a quarter. (Image: Getty)

Fri, 01 Sep 2023

Vehicle loan arrears were at 6% of all active accounts last month and up by an annual 31% to a three-year high, while personal loan payment arrears were up 17% year-on-year, according to the latest data from credit bureau Centrix.It puts total consumer arrears at 426,000 people, up 12,000 month-on-month, or 11.7% of the active credit population. Reflecting increased demand for short-term lending options, Centrix managing director Keith McLaughlin said credit card demand was up almost a quarter during August, while vehicle loan applications...

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