Tough times for the country's businesses

Centrix data shows consumer arrears are up 3.1 percent and mortgage arrears up 10 percent year on year.

Business credit defaults are up 16 percent on average -- and company liquidations are up 27 percent.

Managing director Keith McLaughlin expects businesses to continue doing it tough for the next three to six months.

He says it's areas like construction, hospitality and retail who have found it difficult, as those are the areas where people pull back on spending.