New Zealand has a higher proportion of households with debt — over 70% — than any other country in the OECD. The next highest is the US, marginally above 50%. The ability of low-income earners in New Zealand to service debt is the lowest in the OECD. At the end of March, New Zealand households had a combined $12.669 billion of consumer debt, around $3000 for every person in the country, most of it incurring interest charges ranging from 15% to 35% as well as annual account fees.

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