close
MENU
Hot Topic EARNINGS
Hot Topic EARNINGS
1 mins to read

One third of people worried about credit debt


Almost one third (28%) of people are worried about meeting credit commitments and over one third will use credit cards for otherwise unaffordable expenses in coming months.

NBR staff
Tue, 19 Apr 2011

Almost one third (28%) of people are worried about meeting credit commitments and over one third (34%) will use credit cards for otherwise unaffordable expenses in coming months.

The Dun&Bradstreet Consumer Credit Expectations Survey for the three months to June also found 19% of people expect to have a higher level of household debt by the end of June while 23% expect to have lower levels.

According to the online survey of 1000 people aged 18 to 64, 34% of people expect to use credit cards to pay for otherwise unaffordable expenses.

That number jumped to 56% of people living in Christchurch, although only 14 percent of the city's residents expected to have difficulties meeting upcoming commitments.

Dun&Bradstreet general manager John Scott said the results pointed to the financial pressure many households were experiencing as a result of debt levels remaining at historic highs.

The survey showed many people were using credit in ways that may eventually harm them, with interest rate rises later in the year a possible trigger that would cause distress for many households, Mr Scott said.

Of those taking part in the survey, 14% expected an interest rate rise would have a major negative impact.

NBR staff
Tue, 19 Apr 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
One third of people worried about credit debt
14003
false