Household debt and spending: results from the 2007 NMG Research survey

Quarterly Bulletin 2007 Q4
Published on 17 December 2007

By Matt Waldron of the Bank's Structural Economic Analysis Division and Garry Young of the Bank's Monetary Assessment and Strategy Division.

This article summarises the main results from the latest survey carried out for the Bank by NMG Research in late September about the state of household finances. There was a slight increase in financial pressure among renters, continuing a recent trend. Mortgagors appeared not to have experienced any increased difficulty despite the increase in policy rates over the year. Partly, this reflects the widespread use of fixed-rate mortgage products. Credit conditions appeared to have tightened a little for renters, but loosened for mortgagors over the year to September.

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