Men in credit card repayment crisis
Australians are struggling on the finance front and continuously failing to meet repayment deadlines, with one in three now defaulting on credit card repayments, most of which are men, according to finder.com.au.
The comparison survey showed that while women were more likely to struggle with home loan repayments, men were missing credit card repayments more regularly. Around 18 per cent of Australians had missed a credit card repayment, while an additional 14.9 per cent had missed more than one.
Almost one in seven or 14.4 per cent of Australians had defaulted on a personal loan, while more than 10 per cent were behind on mortgage repayments.
More than one in six men were found to have missed a personal loan repayment, compared to 12.6 per cent of women, while more men also recorded credit card debt. A total of 80.1 per cent of women had recorded a credit card debt at some point, behind a staggering 88.2 per cent of men.
Consolidation of debt, prioritisation of high-interest repayments and automatic payments were all cited as methods for Australians to manage mounting personal debt.
AUTHOR
Hope William-Smith
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