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Credit defaults have increased dramatically over the past 12 months as rising interest rates and income hardships hit struggling borrowers.
According to credit reporting agency Veda Advantage average credit default rates in regional Australia rose by over 50% per cent while mortgage belt suburbs were up by over 42 per cent.
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“The drought and other environmental hardships as well as rising interest rates may have paid their toll as country families seem to be suffering more than their city cousins,” said Veda Advantage general manager of information services and solutions Erica Hughes.
“These findings reinforce the need for decisive action to reform credit reporting laws to protect borrowers and lenders across Australia – especially with growing concerns about interest rates and the cost of living,” said Hughes.
