Conquering the debt mountain
Debt is becoming a big problem for New Zealanders and about 15 in 100 are finding it unmanageable.
Monday, June 20th 2005, 7:16AM
by The Landlord
But the biggest cause is not useful mortgage debt.Consumer debt, for things such as TVs, stereos and cars, is often driving families into a payments crisis, says the Federation of Family Budgeting Services.
Last year, it gave 33,000 people crisis debt-management help. That figure is down from more than 40,000 five years ago, but the decline is because of a lack of volunteers, rather than a drop in people running into arrears, says Jarrod Rendle, the federation's information and development co-ordinator.
Rendle says a clear trend has been the steady increase in the amount of debt people can easily incur.
Now, when a person contacts the service they are likely to be $2700 in arrears. The total debt of people helped by the federation is about $346 million.
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