See Bernard Hickey's article
"Some facts about our level of indebtedness are needed to convince New Zealanders how serious the situation is. Firstly, Kiwi households are much more indebted than those in the US blamed for the sub-prime debt that triggered the credit crunch. Our household debt to disposable income ratio has risen to 163 per cent from 110 per cent in the past five years. This is well above the 13 per cent seen in the US.Our household debt servicing cost to disposable income ratio has risen from 9 to 14.4 per cent 10 years ago. Our debt servicing burden rose above the US' for the first time this year."
"New Zealand's interest payments and dividend payments to the rest of the world accelerated to a record $4.44b in the June quarter. About $2.2b of that was interest payments. Our foreign borrowings rose a further $1.6b in the June quarter."
"Some facts about our level of indebtedness are needed to convince New Zealanders how serious the situation is. Firstly, Kiwi households are much more indebted than those in the US blamed for the sub-prime debt that triggered the credit crunch. Our household debt to disposable income ratio has risen to 163 per cent from 110 per cent in the past five years. This is well above the 13 per cent seen in the US.Our household debt servicing cost to disposable income ratio has risen from 9 to 14.4 per cent 10 years ago. Our debt servicing burden rose above the US' for the first time this year."
"New Zealand's interest payments and dividend payments to the rest of the world accelerated to a record $4.44b in the June quarter. About $2.2b of that was interest payments. Our foreign borrowings rose a further $1.6b in the June quarter."
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