New Zealanders Fall Behind in Debt Payments as High Interest Rates Bite

More than one in 10 New Zealanders with a mortgage, personal loan or credit card are behind in their repayments, while company liquidations have increased 35% on the same period last year, as higher interest rates weigh on the economy.

Credit bureau Centrix estimated 11.7% of the active credit population was in arrears in May, up from 11.3% in April, according to a report Tuesday in Wellington. Average monthly business liquidations in June rose to the highest since 2020, the company said.