|
With credit overexposure at record highs, bad credit is becoming an increasing trend in Australia. A
high number of people are spending more than they actually earn and are relying on personal credit to
sustain and maintain their lifestyle.
A major contributing factor to the problem can be attributed to the ease of credit which has seen a record
number of families lose their homes simply because they could not afford the mortgage to start off with.
The rise of general consumables such as food and petrol has seen an upward spike in bad credit applications.
In 2009, more and more Australians will find themselves in similar positions, and will struggle with sustaining
a lifestyle which is totally beyond their means. Disposable income for a lot of families is at an all time low
forcing them to substitute income by way of credit. This credit epidemic will soon bite back and will create
more problems for these families.
The first step to finding the right solution is to dig deep and look for the source of the problem.
Australian’s who find themselves in this situation need a solid plan of attack to alleviate the hardship
and diffuse the pressure that stems from credit vulnerability. There are state funded and independent credit
counselling initiatives or programs available to assist borrowers who are facing credit difficulties.
Seeking help is the first step to any problem and getting help will assist in easing some pressure.
About the Author
Petros Arvanitis is a specialist mortgage planner who has helped hundreds of
Australian’s rebuild their credit, lower their repayments and plan for a brighter future. He is the
founder of Why Group, providing Australians with a simple and fresh approach to financial services
Important Information
The information contained in this article is provided as a guide only and does not constitute financial
product advice. None of the information provided takes into account your personal objectives, financial
situation or needs. You must determine whether the information is appropriate in terms of your particular
circumstances. For financial product advice which takes account of your particular objectives, financial
situation or needs, you should consider seeking independent financial advice from an Australian Financial
Services Licensee. Why Group Pty Ltd makes no representations about the accuracy or suitability of the
information. Without limitation, this extends to any market research or commentary contained in this
article. The information is provided "as is" without express or implied warranty. Any person
viewing this article must make their own independent enquiries before relying on any information provided
in this website.
|
