Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Australians struggle to pay bills on time

Staff Reporter 4 minute read

Staff Reporter

Almost one third of debt referred for collection are for amounts totaling less than $200, new research has found.

According to a recent report by My CRA, thousands of Australians are forgetting to pay small bills such as their phone or credit card bills.

But while the majority of the payments are under $500, My CRA’s Graham Doessel said Australians don't understand that forgetting to pay these "insignificant bills" can actually ruin their credit rating for up to four years.

Advertisement
Advertisement

"It's surprising how many people there are out there with needless defaults on their credit rating due to unpaid accounts on utilities, phone, and rates bills. It's not until people apply for credit and are flatly refused that they comprehend the real cost of leaving these bills unpaid" Mr Doessel said.

Mr Doessel said the government needs to do more to educate consumers about what their credit file is, how to check it, and how easy it is to receive default listings.

"Any bill which is more than 60 days late can be referred as a listing with credit reporting agencies. In the current market I have seen families devastated by having home loans, car loans and credit cards rejected because of late payments on $80 phone bills.”

Australians struggle to pay bills on time
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
Renee blethyn NextGen.Net appoints head of broker

NextGen.Net has appointed its inaugural national head of broker ...

BBS Summit 2021 ta Better Business Summit and Awards Sydney postponed

Due to the ongoing COVID-19 resurgence in Sydney, the NSW leg of ...

Andrew Moulds Darren Smith ta Lend adds FleetPartners to platform

Lend has integrated vehicle fleet leasing and fleet management pr...