'Past due' Kiwis surge to 427,000

Climbing arrears reflect tougher economic conditions. (Image: Getty)

Wed, 01 Nov 2023

The number of New Zealanders who are behind on their credit repayments jumped 4,000 to 427,000 over the past month, as overall credit demand rose 5% on last October to above pre-pandemic levels.Credit bureau Centrix said demand was being driven by auto loans, which are up 14.4% year-on-year, retail energy – up 9.1% – credit card demand, up 7.2%, and personal loans, where demand was up 7%.At the same time, and reflecting the tougher economic conditions, arrears climbed during the month to levels last seen in 2018, the bureau said.Con...

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