New data from the Reserve Bank of Australia (RBA) has revealed that Australians paid down a total of $5.5bn in credit card debt since the start of COVID-19. In addition to this 20% reduction in debt, nearly half a million credit card accounts were closed over the four month period. One of the few positivesfrom…
CLOSE Even before the pandemic, when the economy was humming, many people were struggling with their finances. Now, many more are in trouble. These are resources to help. (Photo: Getty Images/iStockphoto) The COVID-19pandemic and economy-shutting measures to contain it came on quickly, over a matter of weeks. But the financial fallout from job losses, reduced…
September 7 2020 – 3:30PM House prices have increased at a much faster rate than income since the mid-1990s, which has led to three times the amount of people carrying mortgages and debt into retirement. When you pair this with the ageing population, it leaves many retirees strapped for cash, in what is supposed to…
Queensland’s debt levels will blow out to more than $100 billion by mid next year $18 billion more than what was predicted before the coronavirus pandemic hit. Key points: The debt level before COVID-19 hit was forecast to be $84 billion The fiscal plan is the only major economic update for Queensland before the state…
Royce Kurmelovs swears there was no car coming. But there was. He hit it. His car spun out into three lanes of traffic. “It was a perfectly ordinary day to be quite frank and it was also possibly one of the worst in my life,” he says. The crash would push his personal finances to…
The COVID-19 pandemic and ensuing surge in demand forfinancial aid has helped highlight the true value of one specialist lenders flexible offering, according to the non-banks head of broker. MoneyPlaces unique business model allows us to personalise each individual loan to fit the customers profile, explained Moneyplace’s Alf Vasta. This can be incredibly helpful in…
Customers wait to be served at a branch of Siam Commercial Bank in Bangkok. Many borrowers are still faced with heavy debt burdens amid the coronavirus outbreak, with most having been pressured by diminishing income and lower debt-servicing ability. In the wake of worsening economic conditions aggravated by the virus crisis, both regulatory bodies and…
The US government’s war against the coronavirus is imposing the heaviest strain on the Treasury since America’s drive to defeat Nazi Germany and imperial Japan three-quarters of a century ago. The Congressional Budget Office has warned that the government this year will run the largest budget deficit, as a share of the economy, since 1945,…
article How personal loans and 0% APR credit cards can get you out of high-interest credit card debt and back in good financial shape. (iStock) Massive amounts of credit card debt can be nerve-racking. You may have enough income each month to pay your mortgage, utilities, and other necessities, but little left to pay off…
Moratorium borrowers need a break 30% of SMEs under the scheme are unable to make repayments An 80%-off sale at Baan Lae Suan Fair Midyear 2020 underscored the struggles of many businesses. (Photo by Somchai Poomlard) Some 30% of borrowers entering the debt moratorium scheme are not expected to be able to service their debts…
