Saving 63,000 mortgage years
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