Aussie Families Struggle with Debt

Debt Consolidation

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.

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

jobseeker changes
News
Jack Richings

Jobseeker Changes Incoming…

The Government brought in financial incentives to help Australians through the COVID-19 crisis. However, from 25th September, jobseeker changes are coming in…

Read More
personal loans with no credit check
No Credit Check Loans
Jack Richings

Personal Loans With No Credit Check

Personal loans are a great cash injection. Do you want a quick & easy option with no impact on your credit score? Consider personal loans with no credit check.

Read More
Australian Economy 2020
News
Jack Richings

Australian Economy 2020

Bush fires, drought, flooding & the Covid pandemic have made 2020 a year to never be forgotten. But how has this affected the Australian Economy 2020? Find out.

Read More
what is debt management
Debt Management
Diane Challis

What Is Debt Management?

Ultimate Debt Management Guide – We discuss the difference between good vs bad debt & give tips on how to escape debt. Find out what is debt management here…

Read More