Australians have long been taught to save, and according to the latest findings from the Reserve Bank of Australia, they have finally been learning to do so. Figures show that despite Australians still owing a combined total of $33 billion on credit cards, overall credit card balances are down.
‘The Conversation’ furthers this observation, acknowledging that even though Australian households have debt levels three times higher than 20 years ago, they have decreased their inclination to take on debt and have increased their savings.
But with debt continuing to linger whilst savings increase , the question is raised: are Australians becoming too ‘comfortable’ with debt?
We once lived in a world where debt was a force to be feared, and effective saving reaped a multitude of perceived benefits, including coverage for unexpected expenses, comfortable and debt-free living and the ability to indulge in favourable rewards. Nowadays, Australians are becoming more aware of the ‘benefits’ of debt, viewing it as a means of making purchases and investments that would have otherwise been impossible.
At CRS Insolvency Services, we believe that balance is the key. Whilst we encourage our clients to understand that having debt is a natural part of modern life rather than ‘the beginning of the end’, we also emphasise the peace of mind and security that adequate savings present in the long-term.
CRS also emphasises the benefits of talking through your financial burdens, whether it be with a significant other, friend or registered professional. It is for this reason that we operate a toll-free hotline available 24 hours a day, 7 days a week. This means that no matter what time of the day it is, one of our professional team of specialists is always available to talk, impart their knowledge and offer assistance with your financial situation.
So if you feel like debt is getting a little too comfortable in your financial statements, speak to someone with experience. Contact 1800 210 073 and let CRS Insolvency Services help you find your balance.