23 Apr 2010

Consumers reluctant to take on new debt - Baycorp

7:07 am on 23 April 2010

Baycorp debt collecting agency says attitudes to debt are changing, and consumers are becoming more reluctant to take on new debt to pay for luxury items.

Baycorp's chief executive Geoff Harper says the average placed for collection last year was $868, up $36 on the previous year.

But Mr Harper says access to credit has tightened and consumers have generally become more wary of taking on debt.

He says debt levels for baby boomers are still growing, but the average debt for people aged under 25 has fallen from $628 to $611.