Deputy Prime Minister, Grant Robertson, says people who have very large mortgages and are struggling with what lies ahead as interest rates begin to rise, will have to 'cut their cloth'. He made the comments at a conference of the Financial Services Council today in response to questions about how high debt levels will curb homeowner's discretionary spending, which in turn will affect the economy. Kirdan Lees, a senior economist with Sense Partners breaks down what this will mean for homeowners.
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