A Tauranga beneficiary who hit her $5000 credit card limit buying food, clothes, petrol and a coffee machine had to be declared insolvent after interest grew her debt to $8400.
Now she is warning others about the consequences of impulsive spending and not repaying debt.
Helen Bryan applied for insolvency in May 2022, wiping the credit card debt, and paid back other loans to become debt-free five months later.
Bryan had a Purple Visa Card with a limit of $5000 and an interest rate of 24.90 per cent.
I was so stressed and anxious I couldnt afford to buy anything, she said.
Her comments come after a recent Centrix report showed consumer arrears rose to a seven-year high in January, with 13.09 per cent …
Read the full article at: https://www.nzherald.co.nz/rotorua-daily-post/news/tauranga-woman-declares-insolvency-after-spending-5k-on-coffee-machines-clothes-food-and-petrol-on-credit-card/J5KBB6QTING3NLBH2ZYAI75M3A/