Kiwis sink deep in debt

Sunday 24 October 2004

More than 15 per cent of Kiwi households now owe more than they own, a new report says.

By The Landlord

The report, published this week by the Ministry of Social Development (MSD), says New Zealanders are battling debt.

Titled When Debt Becomes a Problem,, the report says the increasing number of people taking out loans with short-term lenders is also a concern.

It said the loans were often to cover basic living costs.

New Zealanders owed a total of $106 billion at the end of last year, with almost 16% having debts which exceeded their assets.

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