House Prices

Zip zap, it's a path to penury

New Zealanders think plastic is fantastic and are big on borrowing. So big that we owe $1000 on credit cards alone for every man, woman and child in this country, says cardwatch.co.nz.

Tuesday, March 01st 2005

Our total debt including mortgages, hire purchase, personal loans and other credit has leapt to $114 billion compared with $25 billion in 1990. Removing mortgages from the equation, we still owe more than $10 billion to banks and other financial institutions. In short, there's a lot of Kiwis with debt problems.

Many start out with student debts - which amount on average to $14,242. Once out of university, many people fall in love with spending and it's a slippery slope to debt disaster. That's the easy bit.

Ditching debt is where it gets difficult and, like dieting, it's easy to think that just one more chocolate, or a new pair of shoes are a flash in the pan compared with thousands of dollars of debt.

It's easy to work out if you're overweight. But identifying that your debt is out of control is the biggest step, says NZ Federation of Family Budgeting Services executive officer Raewyn Nielsen.

Read More - Opens in a new window
SBS FirstHome Combo 6.74
Heartland Bank - Online 6.89
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.55
SBS Bank Special 6.69
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
ASB Bank 6.75
Unity 6.79
Co-operative Bank - Owner Occ 6.79
SBS Bank Special 6.19
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
SBS Bank 6.79
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Rate cuts needed to lift mood

Wednesday, April 17th 2024

Rate cuts needed to lift mood

The enthusiasm that followed the change in government, mainly from property investors, has waned as homeowners and buyers hang out for interest rate cuts, says Kiwibank.

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.