Anyone that entered into a loan at 2% fixed and then anyone that never thought or budgeted that loans could go up to 5 to 7 % plus in the future are very poor money planers and it's been in the wind for a few years. A lot of these ones don't even listen to the basic news to get a sniff of what is going on.
These ones also got the latest TV's, ph's, cars, furniture and you it name but struggle to cut back on the simple things.
I have 3 family members in this situation and I know first hand how it all roles from what I see and we have been telling them for years to minimize your debt while interest rates are low.
And to add to all that one son inlaw has a HECS debt of 175k.
No good anyone crying to the media about all this, it's you and only you that can get yourself out of the situation you are in.
