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PHOTO: JAN MIKA/123RF Many people look like they’re doing well but are racking up large loans to do so.
Many high-earning households may only be “fake rich”, financial advisers say.
Stuff reported this month that even households earning more than $150,000 a year say they have insufficient income to cover their costs.
But that may be because their lifestyles are heavily dependent on debt.
New Zealand’s household debt has increased to 163.9 per cent of gross income, an all-time high.
Financial adviser Martin Hawes said it was common for people who appeared to be well-off to be carrying large loans.
READ MORE VIA STUFF