Christchurch librarian Philip Creed knows what it’s like to be stuck in consumer debt.
Over the years he has struggled with a credit card balance that was tough to shake.
There was the $3000 on a Mastercard, an American Express card with a balance that reached $3400, a Q Card, and a Visa used for everyday expenses that reached its limit of $1000.
For years, he kept up with the minimum payments on the bigger cards, but little more.
* Moody’s hails New Zealand’s growth, but warns household debt is ‘uncharted territory’
* Rising NZ house prices fuel debt binge, and a hangover could be brewing
* Moody’s downgrades Aussie banks on back of household debt pile
READ MORE VIA STUFF