By: Staff Reporter
One in four households will miss their mortgage repayments in the year ahead, a new study has found.
According to the latest Consumer Payment Priorities Study by Dun & Bradstreet, younger Australians and those in lower income households are more likely to pay their bills late in the year ahead.
One in five older Australians (aged 50-64) indicated they will pay at least one bill late – this compares to one in three for the two younger groups (18-34 and 35-49).
Meanwhile, 30 percent of people in high income households ($80,000+) said they expect to pay late in the year ahead – this figure jumps to 37 percent for households earning less than $80,000.
The study also revealed that many Australians were unaware of the consequences of paying their bills late, with 57 per cent of individuals saying they would be more likely to pay their accounts on time if they knew late payments were listed on their credit report and could negatively impact their credit profile.
“A payment can currently be listed on an individual’s credit record if it is 60 days overdue. However, in a step which will help to ensure that people who are struggling with credit aren’t exposed to more, new credit reporting laws – which have been accepted by the Federal Government – will allow payments to be listed on an individual’s record if they are just one day late,” the report said.
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