The number of people behind on payments in June fell slightly from May, but is largely unchanged compared to the same time last year.
Latest Centrix data shows there were 478 thousand people in arrears, representing more than 12% of the credit-active population.
Managing Director Keith McLaughlin says they'd normally expect the figure to fall further over winter - but people are being impacted by things outside their control.
He says the costs of insurance, rates and power are leaving their mark, and that's why arrears are a bit sticky at the moment.
He told Mike Hosking there will be an ongoing improvement in household budgets as interest rates continue to fall.
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The Mike Hosking Breakfast