Wednesday, July 16, 2008

Kiwis defaulting in basic bill payments

Loan defaults in New Zealand are up sharply and new loan applications are down, says credit information company Veda Advantage.

Consumer defaults were up 7 percent in the first half of the year, compared with the same period of last year, and commercial defaults were up 24 percent.

Veda Advantage says there have been sharp jumps in the numbers of people defaulting in their payments of such basic bills as phone (up 148 percent) and internet bills (up 100 percent).

There was a 21-percent drop in mortgage applications in the first half of 2008, compared with the same period of last year.


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