In the red: past-due column grows ahead of Christmas
The number of arrears increased by 3000 last month to 461,000 borrowers, with one in eight borrowers now facing letters of demand.
Summer and seasonal trends traditionally see a jump in consumer credit demand.
It could be a subdued Christmas for many, as fallout from the Reserve Bank’s three-year monetary belt tightening continues.
That’s seen mortgage arrears, credit defaults, and business insolvencies all continue to head upwards last month, according to latest data.
Credit agency Centrix said there
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