Credit culture: another holiday under the belt we're tightening

An increase in consumer credit demand was matched by increased arrears. (Image: Westpac)

Thu, 01 Feb 2024

New Zealanders trickled back to work this month more relaxed, but many could not manage their credit payments after financing holidays with credit cards, personal loans and buy now pay later products.Data from credit agency Centrix shows a 'normal' seasonal uptick in consumer credit demand through the summer holidays, matched by increased arrears, with past due accounts jumping by 4,000 during December to 439,000 borrowers.Mortgage accounts followed suit, with more than 20,800 accounts classed as past due by Dec 31, up by more than a fi...

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