How borrowing money can affect your finance in a long run?

Borrowing money has skyrocketed in Australia, and while it may seem like a good idea in the short term, borrowing can lead to an array of disadvantages. What can we do to fix it? “With an increasing number of credit providers offering lending products, Australia has become a nation of ‘buy it now’ consumers. Interest-free loans, same-day lending and readily available credit cards mean that people can choose to buy whatever they want now and worry about paying it back later – sometimes without giving much thought as to whether that will be possible. With so much credit choice available, credit has changed how people save and spend. While previous generations usually had to save their money before making a purchase, the same isn’t true today. In fact, 22% of Australians don’t have any savings at all… Without adequate levels of financialliteracy, many consumers are making poor financial decisions. What’s more, 80% of Australians don’t receive guidance from a financialadviser to help with complex financial matters such as insurance and superannuation, as well as assisting them to manage their debt.” Continue reading here: https://lnkd.in/fcx56s7 hashtagconsumerism moneycoach money moneymanagement moneymindset

2020-03-08T07:55:07+08:00