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Sep 09 , 2022
Financial stress is a daily issue for many Australians, with a whitepaper released by Mortgage Choice and CoreData suggesting that 34 per cent are embarrassed by their situation.
According to the whitepaper, a further 42 per cent are embarrassed by their personal debt, with a further third hiding the fact that they are in debt.
Mortgage Choice chief executive Susan Mitchell believes the growing credit card debts of Australians is of concern.
Further, the research gave some insight into Australians’ credit card habits. One in five respondents only pays the minimum amount, while a further 11 per cent said they have not paid off their credit card in full for the last three months or more.
“The fact that people are not paying off the balance on their credit card each month is worrying. However, what is also particularly concerning is the number of Australians who pay only the minimum amount of their balance each month,” said Ms Mitchell.
Not only are Australians hiding their spending from others, they are not managing their finances at all, according to Mortgage Choice.
“The problem with avoiding the topic of money altogether is that often, a small problem can snowball into something more serious if it is not dealt with early on,” said Ms Mitchell.
Anyone that is struggling with their finances, it is recommended that they seek professional help.
“I encourage anyone feeling embarrassed or ashamed of their financial situation to seek professional help. The reality is you are not alone and there are things you can do to take control of your personal debt, but you need to start sooner rather than later,” said Ms Mitchell.