Credit arrears are continuing to climb as the challenging economic conditions put pressure on households.
Data from credit bureau Centrix shows 11.9 percent of New Zealanders were in arrears in January – a four year high – with 430,000 people behind on repayments, which was an increase of 20,000 from December.
The number of households behind on mortgage repayments has risen to the highest level since April 2020, with about 18,400 mortgage accounts past their due date – up 22 percent from a year ago. Read more