Aussies are happy to take out personal loans

Tuesday 12 June 2012

Article by Mozo

New figures have shown that Australians are increasingly keen to take out personal loans.

The Australian Bureau of Statistics has confirmed that the number of people successfully applying for fixed financial packages grew by 0.6 per cent between March and April 2012.

According to the report, the value of total personal loan commitments also increased by 0.6 per cent in seasonally adjusted terms.

This is quite surprising in light of claims that Aussies are being more cautious with their money.

Finance minister Penny Wong recently told ABC radio that the eurozone crisis has scared Australians into putting extra cash into their savings accounts.

However, it seems that a lot of people are still willing to take on credit from their banks, which may be because of the rising cost of living down under. Indeed, many Aussies have seen their disposable income take a significant hit in recent months and it is harder for them to justify spending on luxury items.

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Aussies are happy to take out personal loans

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