Kiwis teeter atop debt mountain

Reserve Bank figures show mortgage debt has ballooned in the past two years, from $67.9 billion in December 2001 to $86b at the end of 2003.

If New Zealanders keep borrowing at the same rate, total mortgage debt will exceed $100b in 12 months.

That is leading to concerns that many households are so loaded with debt that even a small rise in interest rates or reduction in...