While mortgage arrears remain low, Australians are starting to fall behind on other debts as the cost-of-living crisis bites down on household budgets, according to digital credit and collections platform Credit Clear.
Andrew Smith said there has been a steep change in the way not only companies but people and consumers in general reacted to the pressure.
Weve seen a marked increase in a number of areas one is the dollar value of debt on average that’s getting referred by our clients, said Smith, whose company deals with 1.2 million debt files in Australia.
The second is the volume of debt files referred to us which are up 60% year on year. Weve also seen hardship cases rise 25% over the past quarter and our financial hardship team are…
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