Truck Loans Australia
Source: ABC News: 01 Jun 2012
Nearly 3 million Australians do not have access to basic financial products such as a credit card, car insurance or even a bank account, according to a private study.
The annual report by the Centre for Social Impact and National Australia Bank found that those most often excluded have literacy and language difficulties and live in remote areas.
The Measuring Financial Exclusion in Australia report found 17.2 per cent of the population did not have access to appropriate and affordable mainstream financial services such as a bank account in 2011.
It found 192,000 adults had no financial service whatsoever, while 2,803,000 adults had only one service.
And there was a 36 per cent jump in the proportion of adults who did not have a bank account in 2011.
The report's author, Chris Connelly, says these adults are putting themselves at further financial trouble by borrowing from family and friends or dodgy lenders.
"Unfortunately the alternatives that they have are the fringe credit products," Mr Connelly said.
"They tend to exploit consumers. They can be incredibly expensive ... and it also means that those individuals don't have any money set aside or don't have access to credit for an emergency."
The study found the problem was spread across the country.
"We've found that there are some regions that have very high levels of financial exclusion - Wollongong, the inner city areas of Sydney and Melbourne for example, and also some very large regional and remote areas of Queensland, South Australia and Western Australia," Mr Connelly said.
ABC News
| How Credit Card Balance Transfers Can Damage Your Credit Rating Since the banks and finance providers have been castigated for the way they seemingly indiscriminately awarded credit to people who could ill afford it, the chances of being accepted for loans and credit cards have decreased. Concurrently, there is a greater focus on individual's being aware of how credit works and what their financial behaviors means in terms of a credit score and history. - read more
|
| 5 Credit Killers A good credit score speaks volumes about your financial habits. It's the evidence most creditors need to evaluate your credit worthiness. - read more
|
| Default and Reposession Most people would assume that a default under a loan contract means that payments haven't been made but, as you are about to learn, there are other reasons why a lender may have the right to repossession. - read more
|
| Car Leasing Leasing is an often misunderstood car financing option so, in response to subscriber feedback, we've included this article to help give you a better understanding of what it is and how it works. - read more
|
| Business Loans: Managing interest rate risks "I want the protection in the current low interest rate environment but I don't want to be locked in for too long a period" - a commonly heard requirement from business borrowers. - read more
|
| Finance News |
Personal Loans to help Australians in need: FSO Small business loans to help Aussie businesses through tough times Police issue warning about bank scam ANZ nets solid profit despite wealth management Millions lack access to basic financial services |