Mortgages And Other Real Estate Loans Drive Household Debt Up
Total household debt increased 29 percent from the year ended June 2018 to the year ended June 2021, Stats NZ said today.
Household debt or liabilities is the amount of money borrowed from another party, like mortgages, student loans, and debt on credit cards.
“Mortgage debt on the family home, which increased by 30 percent from 2018 to 2021, was the main reason for an increase in total household debt. Other real estate loans also contributed to the increase, rising 44 percent,” wealth and poverty statistics senior manager Andrew Neal said.
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