How much debt do you have?
Rising Australian interest rates ..
Unlike the United States and Britain, where interest rates have recently been lowered to stave off the credit crunch crisis, interest rates in Australia have been climbing in recent months in a bid to halt inflation.
.. results in unmanageable debt
The result is that hundreds of thousands of Australian households are facing higher repayments on mortgages that they took out when rates were at record lows. These repayments are on top of years of over-spending by low and middle income households, much of it on credit cards, which they are now struggling to repay. A show this month on Australia’s ABC show on the exposure of credit card debt in middle to lower class Australia painted a dramatic and bleak picture for the average Aussie.
The show is available to watch on demand