Credit card holders reduce debt in time of covid

Mon, 22 Jun 2020

Credit card holders have been repaying what they owe with month-end balances getting smaller, however, there’s a small but growing value of debt that’s more than 90 days past its due date. Reserve Bank figures released today show there was $6.04 billion outstanding on domestic credit cards at the end of May, down 16.6 percent from the same month a year earlier, and only 5.2 percent higher than April, when the covid lockdown saw balances fall to the lowest since October 2012. While credit card holders have generally been deleveraging, ther...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Technology

Sock-sorting vacuum shows robots are in their early stages

The industry is preparing for even more advanced robots.

The Washington Post 5:00am

World Opinion

If Kilmar Abrego García is doomed, all Americans are

What we have learned from this case is that whoopsies happen.

The Washington Post 20 Apr 2025

If Kilmar Abrego García is doomed, all Americans are

World

Young women are starting to recession-proof their lives

America’s biggest consumer spenders are skipping manicures and Ubers.

The Wall Street Journal 20 Apr 2025

Young women are starting to recession-proof their lives

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

More Retail

Retail

ComCom clears Woolworths ready-meal deal

The Commerce Commission granted clearance for Woolworths Group to acquire ready-meal manufacturer Beak & Johnston.Through facilities in New Zealand and Australia, Beak & Johnston (B&J) makes and supplies ready-to-eat meals under its brands to grocery retailers, wholesalers, and f...

Gregor Thompson 17 Apr 2025