Australians are continuing to turn against debt, paying off credit cards and keeping other loan costs down.
The Genworth Mortgage Trends report showed 21% of those surveyed had no debt compared with 18% in 2008 and 15% in 2007.
The number of borrowers overpaying their mortgages also increased to 41%, up from 31% in 2008. Discretionary debt is also down.
Genworth CEO Martin Barter warned that despite these financial buffers, caution is needed. “This year’s report shows consumer sentiment is responding to falling mortgage costs, however the effects of rising unemployment and underemployment remain unknown,” he said.
If you require assistance consolidating your debt or if you want to find out how we can help you pay your mortgage faster, speak to the financial advisers at Intellichoice for a free financial review.
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