Bank Of New Zealand

The Bank of New Zealand said last week that it looked like New Zealand may be headed for a recession, if not already at that point. With the world wide credit problems it seems inevitable.

People are already battling with the rise of mortgage rates and now the pressure is on with the lack of credit available. The Bank of New Zealand says the impact has only begun to be felt.

The Reserve Bank says it is not going to consider dropping the interest rates until the end of next year. Already, New Zealand has the highest interest rates in the Organization for Economic Co-operation and Development. Despite the dissolving economy, the Reserve Bank has raised interest  rates at least six times since the beginning of last year.

Now the bank is warning of a possible drop in housing prices. They claim that prices are at a point where they are set to go backwards for the rest of the year. The housing market is already at their lowest in seven years and going down faster than the Reserve Bank was expecting.

Finance companies have collapsed, losses are as bad as the share market crash of 1987. The price paid by tens of thousands of small investors is high.

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Debt Consolidation Advice, Help and News from Debt Advisers Direct

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