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Debt arrears down 4.8 percent in February

April 2, 2024
in Business
Debt arrears down 4.8 percent in February
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Debt arrears are closely tracking 2018 levels, after coming off historic lows. File photo.
Photo: 123RF

Most New Zealand households and businesses are managing their debt repayments, despite the economic downturn, according to a new report.

The first quarter report by credit agency Centrix shows there has been a 4.8 percent month-on-month drop in the number of people behind on payments to 457,000 in February.

“Although this improvement was expected following the seasonal uptick of late payers in January, demand for credit was also up 3 percent compared to the same period last year, buoyed by higher volumes of applications for unsecured credit,” managing director Keith McLaughlin said.

“Despite the positive improvement in overall arrears and uptick in credit demand, it’s clear the cost-of-living crisis is continuing to significantly impact Kiwis and their businesses.”

He said arrears were 8.1 percent up on the year earlier and closely tracking 2018 levels, after coming off historic lows.

“We continue to see arrears rise for mortgages, personal loans and Buy Now Pay Later products as debt and financial stress builds.”

Mortgage payment arrears rose 1.5 percent in February, with 22,600 mortgage holders behind on their payments – the highest level since January 2020 – while mortgage applications were down 6 percent on the year earlier, reflecting a drop in sales volumes.

McLaughlin said vehicle loan applications were also down 16 percent on the year earlier, with a decline in new car sales.

But demand for business credit rose 7 percent, with a 10 percent increase for the hospitality, retail and transport sectors over the past year.

McLaughlin said pubs, bars, restaurants and cafés were at most risk with weak customer demand, rising costs and ongoing staff shortages.

“This equates to hospitality businesses being more than two times likely to fail than other typical NZ businesses,” he said.

“Overall business defaults and liquidations remain up year-on-year, hitting retail trade, construction, transportation, property/rental and hospitality the hardest.”

McLaughlin said households and businesses in need of assistance should contact the bank or lending institution.

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