Experts claim New Zealand's ongoing failure to deal with bad debt is costing the country over $2 billion per year.

Debt management firm DebtManagers says a human-centred and customer-led approach to debt will reduce the issue- as the current one-size-fits all approach isn't helpful.

Executive director Charles Whiting says adding interest and collection fees is counter-intuitive to getting debt repaid faster. 

"We talk about people going into arrears- often debt is only the tip of the iceberg when it comes to issues they're experiencing." 

LISTEN ABOVE

Experts claim New Zealand's ongoing failure to deal with bad debt is costing the country over $2 billion per year.
Debt management firm DebtManagers says a human-centred and customer-led approach to debt will reduce the issue- as the current one-size-fits all approach isn't helpful.
Executive director Charles Whiting says adding interest and collection fees is counter-intuitive to getting debt repaid faster. 
"We talk about people going into arrears- often debt is only the tip of the iceberg when it comes to issues they're experiencing." 
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.