Aussies planning to pay bills late

Friday 28 May 2010

Article by Mozo

One in three Australians are planning to pay their bills late this year, while a quarter of households have indicated they are most likely to miss a mortgage payment if they are short of funds, according to new research.

A study by credit reporting agency Dun & Bradstreet found that this relaxed attitude is because many people are unaware of the effects of paying bills late and not do realise it can negatively impact on their credit profile, reports Business.com.au.

"A significant number of Australians are unaware of the consequences of failing to pay their bills on time," said Christine Christian, chief executive officer of Dun & Bradstreet.

"Not paying a credit obligation on time or at all can negatively impact an individual’s ability to access credit for up to five years so it’s critical that every credit commitment is taken seriously."

She added that this will become even more important when new credit reporting laws which allow payments to be listed on people’s records if they are just one day late come into force.

A recent study by the University of Queensland has revealed that over 90 per cent of consumers do not understand important features in their contracts for home loans, credit cards, store cards and car loans.

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