Australian households are feeling the financial strains of the global economic crisis as the Christmas season draws to a near. With oil prices still high, the Australian dollar buying fewer than 70 US Cents, and economies around the world slowing, the trickle down effects are showing.
Living costs are at a record high, grocery prices both on the rise. Christmas often stretches the family finances further, making it even more difficult to make ends meet.
Australian Households Debt Management
Increases in unemployment levels and many companies’ suffering decreased revenue, has heralded a rising panic for many Australians who can sustain the family budget. From mortgage repayments to credit cards, falling behind in debt is becoming increasingly common in Australia, and indeed world wide.
There has also been widespread panic amongst borrowers who have taken out bank loans for margin lending. With sharp depression in shares, many borrowers cannot meet the loan requirements and are demanded to pay back bank loans within a very short time frame, putting them under even more financial pressure.
The financial recession from unemployment, loan and repayment defaults to household living, is undeniably affecting Australians as the year draws to a close.
However Deputy Governor Ric Battellino remains optimistic, conceding “While nobody can predict accurately all that lies ahead, it’s important not to become too pessimistic because, fundamentally, household finances and the economy more generally remain in good shape.”
If you are struggling under the many stresses of the current financial climate, give Australian Lending Centre a call. We can help you in this difficult time, to find the right financial solution for you. Call us on 1300 138 188 to find a solution for you.