Keith McLaughlin: Centrix Managing Director on the easing number of arrears but increasing number of businesses liquidating
Consumers finances look to be recovering, but the relief has yet to pass on to businesses.
The Centrix July Credit Indicator says arrears are easing slightly, with the cost of living also coming down.
It shows 465,000 New Zealanders are behind on their payments, down 9,000 month-on-month.
However, retail energy arrears rose 30% because of the winter months and the ongoing cost-of-living crisis.
Centrix’s Managing Director Keith McLaughlin told Mike Hosking that the downwards trend in arrears indicates that households are getting back in control of their budgets and managing their money a lot better.
Meanwhile, businesses are doing it tough, with company liquidations up 20% in 12 months.
However, McLaughlin said, that’s not taking into account the hidden damage to businesses, in which around 50,000 businesses in the last month have just closed the door and walked away.
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