Businesses are yet to benefit from a decreasing cost of living

The Centrix July Credit Indicator says the number of New Zealanders behind on payments is high - but flattening out.

Centrix's Managing Director, Keith McLaughlin says low consumer confidence means spending and demand is still down.

He says businesses are seriously struggling, with liquidations and company closures much more common than last year.

McLaughlin says businesses in hospitality, retail and construction are doing it the toughest.