We are well on our way to a collective one trillion dollars in debt.

In the year to the end of May, New Zealand hit just over 870-billion in gross debt - up 5.4 percent from almost 830-billion last year.

It represents an average of just over 160-thousand dollars in raw debt for every person in the country.

At the current rate of growth, New Zealand will hit the trillion dollar landmark,  inside the next three years.

That rate has eased in the past two years as the Government has sought to curb borrowing, and the housing market has been flat.