More than 426,000 people now 'past due'

More than 426,000 people now 'past due'
Credit card demand up almost a quarter. (Image: Getty)
Brent Melville
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...

More Economy

Weaker than expected jobs data won't move the rate cut dial
Economy

Weaker than expected jobs data won't move the rate cut dial

The March quarter jobs data was gloomier than expected.

Rebecca Howard 01 May 2024
Cautious lending keeps lid on default rates – Reserve Bank
Finance

Cautious lending keeps lid on default rates – Reserve Bank

Non-performing mortgages have overtaken Covid levels.

Jem Traylen 01 May 2024
Business confidence still falling
Economy

Business confidence still falling

Business confidence fell eight points to 15 in the latest ANZ NZ Business Outlook survey as cost pressures continue to bite. According to Westpac Bank senior economist Satish Ranchhod, a net 20% of firms reported their trading activity has declined over the past year. “That’s the...

Staff reporters 30 Apr 2024
Returning GST to councils would cover 'infrastructure cost increases' to councils
Economy

Returning GST to councils would cover 'infrastructure cost increases' to councils

Returning GST to councils would help councils out a lot, Infometrics says.

Dileepa Fonseka 30 Apr 2024