Kiwis Will Struggle to Meet Credit Payments

20 July 2011 - Which Way to Pay

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Kiwis Will Struggle to Meet Credit Payments

The latest Dun & Bradstreet Consumer Credit Expectations Survey, which canvassed 1010 people revealed that almost a third of Kiwis envisage difficulties meeting credit obligations in the September quarter. The survey, which asked people to comment on credit usage expectations, history and spending, highlighted Christchurch residents to be under the greatest financial strain. 46% of Christchurch respondents said they would delay making a major purchase in the next three months; significantly different from the national average of 27%.

Respondents revealed a feeling of apprehension regarding their incomes being affected by the potential rise in interest rates. Should this be the case, it is foreseen that the majority of those with salaries exceeding $100,000 will be the hardest hit. At the other end of the scale, low income earners and the unemployed unsurprisingly demonstrated the highest level of financial stress. As a result, those searching for loans could be set to increase as people continue to battle against the destruction left by the earthquakes coupled with our uncertain economic conditions.

Other notable findings include:

  • 17% of people expect higher household debt levels, down 2% from the June 2011 quarter.
  • 32% of people expect to use a credit card for otherwise unaffordable expenses.
  • 29% of people expect to encounter difficulties in meeting their credit commitments.
  • 40% of people anticipate that a rise in interest rates will have a negative impact on their finances.
  • 27% expect to hold off making a major purchase in September quarter 2011, up 5% since the June quarter expectations.

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