Sydney residents 'are turning to budgeting coaches'

An increasing number of households in Sydney are visiting budget coaches, as they desperately seek ways to reduce their arrears.

According to leaders at MyBudget, people are finding it hard to manage their finances and a lot of Aussies are sitting on a considerable credit card debt.

Founder and director of the organisation Tammy May said that many of the pleas for help received by the firm are from locals who have no savings accounts.

"We are helping people across the board from homeowners to renters, families, couples and singles who are low income earners up to those earning six figure salaries," she remarked.

Figures compiled by the Australian Bureau of Statistics recently suggested that three in ten households are suffering from mortgage stress and are paying more than 30 per cent of their gross income to meet their monthly repayments.

This ties in with a recent survey undertaken by Bibby Financial Services, which showed that businesses throughout the country are having to deal with more customers who are unable to settle their bills, the Courier-Mail reports.

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