Aussie families are under a lot of financial pressure. In fact, households have not been in such a bad place financially for over a decade.
The Melbourne Institute household financial conditions index fell to 25.2 points in June, its lowest level since the start of the survey in March 2001. The March 2011 survey recorded an index of 33.3 points.
Robbing Peter to pay Paul is becoming the norm for many. Cost of living is continually going up. Recent price increases on everyday items including food as well as basic services have been squeezing many families budgets. Water, power and gas prices are going up in most states, while the summers floods restricted supplies of many fruit and vegetables with lingering effects for many produce costs.
The household financial conditions index shows the proportion of households who are saving relative to the proportion of households who are running into debt or drawing on their savings. The survey tapped responses from 1200 households nationwide.
People are trying to keep up their debt repayments, paying loans out whenever possible and saving more than in prior years.
13 Jan
Posted by Dustin Ramirez as Credit Cards Guide
Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can’t find what you’re looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
Can a Chapter 7 bankruptcy get deleted earlier than the 10 years if your lawyer had you agree to pay off some of the debt owed to the creditors and you also reaffirmed some of the secured debt owed in the chapter 7 case?
Neither repaying a portion of the debt nor reaffirming some debts will cause the bankruptcy filing to be deleted earlier. However, that doesn’t mean there is no benefit to doing so.
There are two elements to bankruptcy in a credit report. The first is the public record court filing. Once filed, the bankruptcy record will appear for 10 years in the case of Chapter 7 bankruptcy or for seven years in the case of a Chapter 13 filing.
The second element is the accounts themselves. E
10 Jan
Posted by Dustin Ramirez as Credit Cards Guide
Whatever caused you to get pushed into bankruptcy does not mean that you cannot have emergencies or cash flow problems after your bankruptcy is discharged. You, just as anybody else, can experience financially rough times – bankruptcy cannot change that. You may feel that no one would want to extend a loan to a person who has recently discharged a bankruptcy. Well, you can get a personal bankruptcy loan for an infusion of cash to smooth out financial wrinkles you may encounter.
Bankruptcy Can Change Lives
In America, on average a million bankruptcies are declared yearly. Many factors are behind these bankruptcies, including the economic downturn and the financial crises that have caused many citizens to become unemployed. Folks may have had a financial investment go sour. Or perhaps they experienced an illness or injury that prevented them from working. Having discharged a bankruptcy recently, you have many fellow consumers in similar circumstances. Just like them, you could encounter financial difficulties. Consider taking a personal bankruptcy loan. Read more…
Results of a recent survey by Dun & Bradstreet, confirm that demand for credit in Australia has continued to drop, and nearly a third of households are expecting to experience a degree of difficulty meeting their repayment obligations.
The Dun & Bradstreet Consumer Credit Expectations survey shows fewer Australians intend to apply for credit in the September quarter than expected to in the June quarter. Nineteen per cent of respondents said they would apply for credit in the September quarter, down from the 27% who indicated they would do so in the June quarter.
While the number of survey respondents who believe that they will struggle to meet their repayments has declined slightly, 30% still indicate they will face difficulty fulfulling their credit obligations. Nearly half the surveys respondents said any RBA interest rate rise would have a serious impact on their family budgets.
Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can’t find what you’re looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
Does it hurt my credit score if I settle my account?
Yes.
The term “settled” means the lender has agreed to accept a final repayment amount that is less than full repayment of the debt. The account will be shown in your credit report with a status of “settled,” indicating the debt was not paid in full, as originally agreed.
Anytime you do not repay an account in full or as agreed in the original contract it will have a negative effect on credit scores.
Thanks for asking.