New Zealanders are already feeling the pinch of rising interest rates, with 36 per cent of households saying they’ll need to resort to credit cards in order to pay for upcoming bills, according to a new survey.
Dun & Bradstreet’s Consumer Credit Expectations Survey also revealed that less than 10 per cent of respondents intended to apply for a new home loan, personal loan, credit card or credit card limit increase over the next 3 months.
Dun & Bradstreet New Zealand’s general manager John Scott said the results should not just be attributed to people finding it difficult to make ends meet.
“It appears that consumer conservatism has fallen by the wayside and a return to a credit fuelled lifestyle is on the horizon,” he said.
Auckland mortgage broker Guy Parkes said anyone experiencing mortgage stress may be eligible for a hardship variation with their lender.
“Talk to your mortgage broker or financial planner to find out what options are available to you,” he said.
“Different lenders have different policies and it’s important to find the right option for your individual circumstances.”
Source: stuff.co.nz, Loan Market New Zealand
Loading ...
