One of Australia’s biggest reporting agencies says the global financial downturn is still hurting people, with 1 in 6 Australians struggling to pay off their debt.
Veda Advantage says a fair 20% of those in debt are actually looking for additional credit to help pay off their existing debts. In these tough economic times Australians have really felt it hit their pockets.
The survey conducted by Veda comes at a time when a growing number of economists are starting to think that the worst of the global downturn is coming to an end. However there continues to be a segment of society that is still doing it tough – this could also be associated with the now larger unemployment rate.
About 12% of Australians have missed a required minimum monthly payment on a credit contract in the past three months, some having missed at least 2 or more.
Of people with a mortgage, 13% were late paying a household bill in the same time frame. Nearly a quarter of those struggling to pay bills owe more now than they did a year ago.
Australians Struggle with Debt
If you are struggling to meet your repayments, now is the time to consider better debt strategies such as debt consolidation.
Debt consolidation can reduce your monthly/weekly/fortnightly payments and even lower your interest rate. By consolidating your debts into one easier payment schedule, you can potentially end up paying off your debt in a shorter amount of time than you previously would have.
In some cases, debt consolidation can be used to free up money needed for an unexpected expense. By paying out a single loan at a lower interest rate, you can use the excess money that otherwise wouldn’t have been available before.
Australian Lending Centre is a specialist in debt consolidation solutions. If you need to find out more today contact us on 1300 138 188, alternatively fill out an express enquiry form to your right and we will contact you shortly.