Fox Symes on Prime News “Country Debt”
5 December 2010,
Prime News "Country Debt" featuring our director Deborah Southon. Find out more about us and our customer reviews.
Video Transcription
If you are seriously worried about your credit card bill or car loan, you are not alone. A new survey reveals eighty percentage of country people have major concerns about their household debt. They are more worried about paying their bills than being robbed or mugged.
Check savings or credit; the answer to that question increasingly is becoming credit and not just for Christmas presents. These days it's for groceries or paying bills. The statistic shows we're spending far more than we earn and the debt it creates is causing major headaches.
Just have a look at these News poll results, and thirty-seven per cent of country people say household debt is a severe problem. Forty-three per cent say it's a fairly serious problem and just eleven per cent a minor issue.
"Some of these debts has remained stable, but obviously with the drought debt will increase in the future." Ms Southon says those most concerned with their debt levels are women and people over fifty. The results show that one in six people believe their debt situation has become much worse over the last three months. Probably due to the rising cost of food because of the drought, and of course petrol prices.
"The implications are that most people in the country see that debts are a serious problem. We think that what people should do is sit down as a family, work out what their income is then what their expenses. If they know that their expenses exceed their income then get in contact with someone immediately, do something as soon as possible." Ms Southon says.
So what should we do about all this debt and the worrying that goes with it? The experts say we should start learning more about budgets and financial planning and cut up our credit cards if we have no discipline. Moreover, we should regularly reassess our budget to make sure our spending is out exceeding our pay packets.