Kiwis struggling to stay afloat have turned to credit cards to bridge the cap amid an ongoing cost-of-living crisis.

New credit card application enquiries have reached their highest level since 2021- and card arrears have jumped 4.4 percent in August.

Sorted Personal Finance Lead Tom Hartmann says living costs have increased and bills have piled up - and people feel the need to borrow their way through it.

"From power, from kids' sports fees - it could be many different situations. And this is just one way to get through it."

LISTEN ABOVE

Kiwis struggling to stay afloat have turned to credit cards to bridge the cap amid an ongoing cost-of-living crisis.
New credit card application enquiries have reached their highest level since 2021- and card arrears have jumped 4.4 percent in August.
Sorted Personal Finance Lead Tom Hartmann says living costs have increased and bills have piled up - and people feel the need to borrow their way through it.
"From power, from kids' sports fees - it could be many different situations. And this is just one way to get through it."
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Tom Hartmann: Sorted Personal Finance Lead on the increase on Kiwis applying for credit cards

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/09622bf8-35ec-422a-88d4-b1fc00428fc1/transcript