More Kiwis in debt - Centrix
The Reserve Bank thinks a shallow recession is needed to haul inflation back from its elevated rate of 7.2% towards the desired median of 2%.
But the credit research company Centrix believes some people are going through a recession already and it is not always shallow.
Its latest monthly credit indicator found the number of New Zealand borrowers who were behind on repayments climbed 5% year-on-year in October 2022. And three quarters of the finance companies that lent to them had higher arrears in October compared with September.
Looked at another way, Centrix found 4.2% of credit active consumers were more than 30 days overdue, up from 4.0% a month earlier.
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