Spiralling living costs and rising interest rates have prompted a growing number of Aussies to roll their personal debts into their home loans in what could be a risk for the economy.
New Finder.com.au research has estimated that more than a million Aussies have rolled car loans, credit card debts and other loans into single debts over the past year as a way to reduce their repayments.
Another 10 per cent of the Aussies surveyed in the research were considering consolidating their debt sometime soon, largely to help deal with the rising cost of living.
Mortgage experts explained the most popular strategy was to roll debts into a mortgage, which offered cheaper interest rates, but spread over a much longer time period.
Analysts explained…