Economic misery hitting rich and poor alike

Aussies on all rungs of the socioeconomic ladder are faltering under the strain of the global financial crisis, the Sydney Morning Herald reports.

The paper notes that while many more people are struggling with hefty credit card and home loan bills, top earners are also feeling the pinch as their savings – often linked to company assets – are going down the pan.

And with a growing number of people struggling with home loan repayments at both ends of the property ladder, the paper urged Aussies to make sure they talk to their bank at the earliest opportunity if they begin to fall behind with payments.

“The earlier you talk to your bank, the better chance you have of fixing the situation. The bank will normally be open to arranging a new plan to help you catch up,” advised personal finance expert David Koch.

Elsewhere, McGrath Estate Agents has told the paper that property prices are likely to tumble further in 2009, with expected losses of around ten per cent expected.ADNFCR-1761-ID-18980552-ADNFCR