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Credit cards and loan debt being reduced by Australians
Friday July 24, 2009
According to a Genworth Mortgage Trends report on Australians credit cards habits and personal debt has found that more Australians have made efforts to pay off their debts. The survey on Australians individual financial situations found that people are making greater efforts to get themselves out of debt with all major sources of debt being paid off at a faster rate by more people.
The latest report found that 21 per cent of those surveyed had no debt as compared with the 18 percent in 2008 and 15 percent in 2007. The number of borrowers that are choosing to overpay their mortgages rose to 41 per cent, up from 31 per cent in 2008 while discretionary debt are also lower.
The reports results were to be taken with caution, according to Genworth Mortgage Trends as the actual effects of rising unemployment and underemployment have not been truly assessed yet with the survey mainly finding consumer sentiments response to falling mortgage costs.
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