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Money habits of Aussies have definitely changed in the past decades. Before, the normal practice is to save up first then buy later, but, in the era of instant gratification, it has now changed to buy now then scramble with the payment later.
Because of these behaviours, Aussies now have an average debt of $1.54 for every $1 they earn, while it was only around $0.40 for every $1 a few years back.
This raises concerns because Australia will be implementing a U.S. style computation for credit scores starting March 2014. The changes will add 5 more columns into the credit report sheet of one person, and would now reflect all of the debt that a person incurred in his lifetime, including the details if he paid it late or on time.
This podcast explains how the implementation of the new system will further tighten the, already, strict approval of standard bank loans, and result to the lock out more people in the housing market.
Don’t miss out on this podcast because it also discusses critical issues on the country’s growing debt industry like:
Listen, learn, and enjoy!
- How young people are getting themselves into so much debt;
- The two prongs of the debt industry;
- What are the best solutions to get away from debt;
- And where to get financing when the banks are not approving new loans;