Bad news for those with a mortgage, but good news for depositers - interest rates could be about to start climbing.
Finance Minister Bill English is in Washington DC, for meetings with reps for the International Monetary Fund and World Bank, as well as international ratings agencies.
He said everyone seems to think interest rates have reached the bottom, and will soon begin to climb again.
"The Reserve Banks around the world believe more cuts in interest rates may not have the stimulating effect on the economy that they used to have," he said.
However, English said what they can't agree on is the timeline.
"What we do know is that if you've got very high levels of debt because you've paid a lot for your house, then you've taken a risk and if interest rates rise sooner than expected, you're going to be under pressure."
English said New Zealanders burdened by debt should pay it off now, before the rise in interest rates makes it impossible.