The Employers and Manufacturers Association says the economic gloom is worse now than during the Global Financial Crisis (GFC) of 2008.
Figures show liquidations are up 36 percent on last year, and more and more young Kiwis are struggling to pay their debts.
But budget adviser Dave 'Brown Buttabean' Letele said he's seeing desperation across all generations.
And in this tale of gloom and doom, students are definitely feeling the pinch.
"Very tight. So bad," one told Newshub.
"[I'm] trying not to spend anything because we're already getting food. Any excess is just - eating out is so expensive," another said.
"The students who are really feeling the crunch of uni aren't coming in. I think they're not taking public transport to go to uni - [instead] they're staying at home, picking out extra jobs," a third lamented.
The figures on consumer arrears from Centrix bear that out.
Under-25s are among those hit hardest by the soaring cost of living and are more likely to experience issues with their cash flow.
But the latest data show people across all generations are falling behind on their loan repayments.
"Today we helped an old lady who just couldn't pay for her car parking fee - you know, [she] got a fine," said Letele.
"Can you imagine if you can't pay it gets worse, gets worse, and next minute they come and repossess your car - Baycorp are chasing you and life gets even more miserable."
Letele said he's going to more emergency housing every day and doesn't see it getting any better for some time.
Newshub asked if it was the worst he'd seen.
"Yeah absolutely. It'll break your heart. When we live in such a beautiful place, and yet there are starving children living in rooms, not going to school."
Homeowners too see mortgage rates continuing to rise.
Only today - and to the surprise of economists - BNZ lifted the rate on three of its home loan terms.
Centrix said businesses are also doing it tough.
After getting through COVID-19, the mood is darker than during the GFC of 2008, according to Alan McDonald, the head of advocacy at the Employers and Manufacturers Association.
"Business confidence at the start of the year was the lowest it's ever been in 40 years of recorded history, so lower than the GFC," McDonald told Newshub.
"And I think just with everything else, floods, cyclones - you name it we've had it. Miserable weather. I think it's just piled on everyone and resilience is low, and the mood's low.
"I think we're seeing that reflected in some of the closures," he added.
The EMA said there's a glimmer of hope in global inflation slowing and employment staying high, but for Letele there's no light at the end of the tunnel.
"I don't see an end to it and that's what scares me," he said.
A fear shared by many.
