Sav­ing 63,000 mort­gage years

Marlborough Midweek - - OUT & ABOUT -

BNZ pub­lished its ‘‘Good Re­port’’ ear­lier this week.

It de­tailed some of the ways in which BNZ was a good cor­po­rate cit­i­zen in the past year.

Reg­u­lar read­ers of this col­umn will know there are el­e­ments of banks’ busi­ness that I find any­thing but good, and not only BNZ.

Con­sumer credit and madly huge mort­gages mean house­hold debt is around 160 per cent of house­hold dis­pos­able in­come.

Some house­holds, par­tic­u­larly younger ones, are loaded to the gills with debts.

This, of course, has been achieved by an ‘‘all of so­ci­ety’’ ef­fort where con­sumerism and sys­temic hous­ing pol­icy fail­ures over many years have led to house­holds’ seem­ingly in­sa­tiable crav­ing for more and more debt.

And, if debt is the New Zealand drug, banks are our push­ers.

But there was a fig­ure in the Good Re­port that is heart­en­ing, in­di­cat­ing many house­holds are tak­ing con­trol of their fi­nan­cial

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.