Carefree consumers cherishing crunch

With no home loan payments to make each month and a life virtually free from credit card debt, 28-year-old Patrick Gallagher is optimistic about his prospects, despite being made redundant.

Speaking to the Sydney Morning Herald, he insists that being let go has given him the opportunity to "have a fair-dinkum crack" at his ideal line of work, which happens to be online sports and entertainment marketing.

Meanwhile, Penelope Joye, a Sydney senior adviser with Shadforth Financial Group, tells the paper that even those with more on the line are cautious yet optimistic about their future financial stability.

"The vast majority of my clients have been through a recession before," she explained, adding that many are investing in income protection or life insurance to make sure they can continue to pay off home loans, credit cards and household bills in the event of job loss.

Australians may well be growing more confident after the latest official statistics showed that, despite many people’s fears, the country has managed to dodge a full-blown recession.

This article brought to you by Mozo – helping you compare credit cards