Like a rising current Aussie debt is skyrocketing with no relief in sight. Whether your credit weakness is owning a brand new home, having a wardrobe full of designer labels or a garage full of vintage cars, borrowing outside of your means is never advisable.
Debt can accumulate quite quickly over time and the truth is if you don’t manage your debt it will spiral out of control. The current debt levels for Australian households is in the hundreds of billions and is increasing every year, according to data from the Australian Prudential Regulation Authority (APRA).
The amount of debt that Australian households owe consists of money borrowed for mortgages, personal loans and credit cards. However a large proportion of this overall debt is from money we have borrowed for our home loans.
If you would like to get your debt levels down and pay off your home loan sooner, it may be a good idea to do a health check on your mortgage and compare home loans online to see if there are other loans available that offer a lower interest rate than what you are currently paying.