Middle income earners racked by debt

Friday 23 January 2009

Article by Mozo

Australia’s middle class is creaking under the strain of hefty home loan and credit card repayments, the Sydney Morning Herald reports.

Speaking to the paper, financial counsellor Tony Devlin has claimed that the financial position of people walking through his doors for help has changed dramatically in the last year and a half.

While he has built up considerable experience offering guidance to those at the lower end of the wage spectrum, Mr Devlin is now seeing higher earners struggling as home loan and credit card bills mount.

His experiences are echoed by Brian Harvey, chairman of the Financial and Consumer Rights Council, who has also seen a sharp upturn in the number of high earners who are struggling with their finances.

“They all say: ‘I never thought I’d be in this position,’” he said.

“It’s a fairly big wake-up call.”

Elsewhere, the Sydney Morning Herald has also reported that people who are in a position to put some cash away are going to need to do a bit of research to get the most out of term deposits and high-interest savings accounts.ADNFCR-1761-ID-18989891-ADNFCR

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