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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: ABS research reveals household DEBT has DOUBLED over 12 years. Bankers on Pump and Dump BINGE

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ABS research reveals household debt has doubled over 12 years

News Corp Australia NetworkSEPTEMBER 13, 201711:30AM

Sophie Elsworth

 

THE number of debt-laden Australian households is soaring as people push their finances to the brink, alarming new figures have revealed.

Rising property prices have resulted in mortgage customers taking on fatter loans, which, combined with an increased appetite for credit cards, is being blamed for the growth in cash-strapped Aussie households.

RED ALERT: Aussies $200 away from financial disaster

The Australian Bureau of Statistics Household Income, Wealth and Expenditure Survey has found the average amount of debt has almost doubled in the past 12 years — from $94,100 in 2003-04 to $168,600 in 2015-16. Most of this is accounted for by property debt.

The research was collated after 18,000 Australians were quizzed on their household income and debt levels in the 2015/16 financial year.

The report found 29 per cent, or the equivalent of 2.9 million households, were classed as “over-indebted” in terms of their debt-to-income ratio or debt-to-asset ratio. This was up from 21 per cent in 2003-04.

While three quarters of Australian households have debts, the most common form of debt was credit cards — plastic debt was held by 55 per cent of the population.

This was followed by home loans (34 per cent) and student loans (17 per cent).

And the most likely to be indebted are those paying off a home loan (47 per cent) and households with a person aged 25-34 (33 per cent or 35-44 (34 per cent.)

Households with a person aged 65 or over, or those who owned their house outright or rented, as well as Aussies relying on a government pension, were least likely to be over-indebted.

The cities where more households were carrying too much debt included Darwin (32 per cent of the population), followed by Perth (27 per cent).

However Sydney and Melbourne had more amounts of over-indebted people (407,000 and 419,600 respectively) making up a combined 43 per cent of households.

Younger households (25 to 34) also had higher rates of over-indebtedness — 62 per cent were over-indebted and owed about $440,000 in property debts.

Meanwhile Aussies aged 35 to 44 had 51 per cent over-indebted and owed a whopping $546,800 in property loans.

But ABS chief economist Bruce Hockman warned the wealthier Australians were also putting themselves under financial pressure.

“Nearly half of our most wealthy households (47 per cent) who have a property debt are over-indebted, holding an average property debt of $924,000,’’ he said in an issued statement.

“This makes them particularly susceptible if market conditions or household economic circumstances change.”

 

 

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