Financial hardship can happen to anyone. You can have a great job one day but personal circumstances, such as an illness or an accident, can take it away in an instant. A small business that was once thriving could feel the pinch in an event of a natural disaster. Even milestones that are worth celebrating, such as the impending birth of a child, can also cause financial strain.
But as a wise friend once said, there is a season for everything. Financial hardships can simply be seen as temporary setbacks in life that can be averted if handled correctly.
Mortgage stress
We all suffer from financial stress at one point or another, but for banks and lenders the alarm bells ring when you only have 5% or less of your income left each month after you've deducted your living expenses and mortgage repayments. This can be a precarious time because home loan borrowers who fall into this category have little to no buffer when interest rates rise. As at March this year, three in four homeowners in some suburbs are facing mortgage stress.
Diese Geschichte stammt aus der May 2022-Ausgabe von Money Magazine Australia.
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Diese Geschichte stammt aus der May 2022-Ausgabe von Money Magazine Australia.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
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