More expected to default in 2010

More Australians are expected to fall behind on their loan repayments in 2010 as unemployment rises says ratings agency Fitch.

"Asset quality in consumer loan portfolios will likely weaken as unemployment rises and interest rates increase," Fitch said.

Fitch expects Australia's unemployment rate to rise from 5.7 per cent in November to around 6.1 per cent during 2010.

Source: Sydney Morning Herald