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Check on your mortgage stress levels

07/09/2011

The Australian Securities and Investments Commission (ASIC) is urging people to undertake a mortgage health check this month.

“Most people who are suffering mortgage stress are still paying their mortgage,” says Delia Rickard, ASIC's senior executive leader for financial literacy.

“With most people, the last bill they don't pay is the mortgage. But what they're doing is not paying other bills and building up huge credit card debt.”

Borrowers experiencing difficulty should be wary of services charging high fees to rearrange your debts, supposedly to ease your burden.

The chief executive of the Australian Bankers' Association, Steven Munchenberg, says: “If you're thinking about using an extension of credit to resolve changing circumstances or financial difficulties, you may find it useful to discuss these needs with your bank.”

Source: Sydney Morning Herald



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