Jonathan Cotton looks at where the government is getting all the money to pay for the Covid-19 recovery, and where that debt is taking us. New Zealand is borrowing huge amounts of money to get us through the Covid-19 crisis. But borrowing what? From whom? And how will we pay it back? Perhaps even more … Read more
Most of us see student loans and mortgages as a burden, but the NZIER public good team says debt can be part of a long-term savings strategy. If you’re a young New Zealander, chances are you’re getting mixed messages about what to do with your money. On the one hand, you might’ve heard it’s your … Read more
New Zealanders owe more than ever, but Covid-19 has brought with it a new question: is $120,000 a head too much debt, or not enough to get the economy back on its feet? NZ Herald’s Liam Dann investigates in this Herald Premium article. “There is room to accommodate more debt in the economy,” says Chris Bloor, manager … Read more
Amid fears of growing financial hardship throughout New Zealand, a comprehensive campaign against high-interest lenders looks to be gaining new ground. Payday lenders, trucks shops, loan sharks: the names alone are enough to conjure up grim images of shady operators and hustlers lurking in dark spaces to prey on the financially vulnerable. While the reality … Read more
Good morning and welcome to The Bulletin. In today’s edition: How the budget has been received, Auckland light rail on hold, and more media merger shenanigans. So that’s what it looks like when Grant Robertson decides to open the purse strings. The relatively cautious spending of his previous budgets has been replaced by an absolute … Read more
Good morning and welcome to The Bulletin. In today’s edition: Previewing the budget we’ll get tomorrow, tangihanga rules further clarified, and Peters doesn’t believe Taiwan war of words will harm China relationship. We’re increasingly getting a sense of the sort of budget Grant Robertson will deliver tomorrow. The country is facing an economic downturn which could … Read more
At this time of year, small debts can put people living on low incomes into huge hardship. A microfinance provider is doing their bit to lift people back up again. The financial pressures that come with the holiday period are difficult enough for any family to manage. They become a lot harder when there already … Read more
Record low borrowing costs are a precious opportunity for business owners who now need to make savvy decisions about what to do with the cash. The experts may have been caught off-guard when the Reserve Bank opened fire on interest rates earlier this month, but the fact of the matter is the Kiwi economy needs … Read more
Finance companies say they shouldn’t have to be ‘fit and proper’ even though in some cases they charge more than the planned clampdown on high cost lending. A group of finance companies that charges well over the government’s proposed cap on loan repayment costs is distancing itself from lenders who “cause the most harm to … Read more
Wrap around support services and a new software are helping whānau get out of debt, without taking yet another loan. It’s hard not to feel chuffed for Jacquilin Tuatara. Six months ago, the former social worker was drowning in debt and preparing to leave Auckland. A year of unsuccessful job hunting and “chasing contracts” had … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Sir John Key fronts up over bank boss departure, social workers defend Oranga Tamariki actions, and major proposed Wellington festival falls over. Anyone who watched politics over the last decade will have got used to press conferences fronted by Sir John Key. The blithe reassurances, repeated use … Read more
Moving overseas post graduation? Be prepared for your friendly interest-free student loan to become an out-of-control debt monster, writes Chelle Fitzgerald. Out of sight, out of mind. That’s how I found myself an additional $12K in the hole to IRD. It’s a tale as old as time (the ’90s), and many a former student will … Read more
The number of ‘attachment orders’ on benefits has grown dramatically in recent years, locking some of the poorest New Zealanders into ever deeper cycles of debt. Joseph Nunweek writes. When Sharon* first heard the knock at her door and saw the men standing outside, she assumed it was something to do with her ex. Before … Read more
British regulators have placed caps on interest rates and the total amount fringe lenders can charge, so why isn’t New Zealand making similar moves? Having to take out a loan to pay for food, bills, petrol and rent is the reality for many New Zealand families. With around one in seven Kiwis living in poverty … Read more
The Sallies are so fed up with mobile traders preying on poor areas and trapping people into crushing debt that they’re firing back with a rival service. When the Salvation Army first started in New Zealand in the 1800s it noticed the bakers of the day were exploiting people with extremely high bread prices. So, … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Crackdown coming on dodgy lending practices, Fonterra revises forecast down again, and a new twist in the Simon Bridges expense leak tale. The government has launched a long-signalled crackdown on predatory lenders and the interest they’re able to charge, reports Radio NZ. Interest will be capped at … Read more
Our piece on the struggle to get paid resonated widely with small business owners. Here are their stories, and some tips, covering the endless fight to get invoices paid. A customer who had hired goods from me failed to return them, and ultimately I had to go and collect them. Not all of the goods were returned, … Read more
Dairy co-operative Fonterra’s decision in 2016 to delay paying some suppliers for three months prompted a wave of anger. But as David Cormack found out, this practice permeates many industries – and is a serious stress point for small business. It’s a line that gets trotted out by politicians a lot. The line is that “small … Read more