This is a strong indicator that all is not well in the NZ economy when it comes to property.
Things are looking up for many New Zealanders - but some of those who’ve fallen behind are getting further into trouble, new data shows.
Centrix has released its latest update, which shows that consumer arrears improved again in May, falling to 10.95 percent of the credit-active population, the lowest level in four years.
But 89,000 people are 90 days or more past due on some of their borrowing.
There were 432,000 people behind on payments by any period of time, down 11,000 from the previous month. The arrears rate is now 12.5 percent lower than a year ago.
Of those who were more than 90 days past due, 74,000 were renters.
Centrix said the pressure on them was particularly visible in personal loans, credit cards and buy now pay later debt.
Let’s look into mortgages :
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