2.24: Household Debt
Helping households minimise debt. Other Information:
With increases in interest rates, fuel prices and utility prices, more people are finding themselves in financial stress.
The difficulties can be exacerbated by poor lending practices by financial institutions, with low-documentation loans extended
to people with little capacity to meet the debt incurred. The ACT Government will continue to fund financial counselling services
to assist people, particularly those on low incomes, to manage their finances and reduce debt. In addition, we will examine
options to extend financial education and counselling services to assist middle- and low-income earners to budget and plan
for the future. The lessons of the household debt project, initiated by the Community Inclusion Board, will be applied to
future initiatives to reduce household debt.
Indicator(s):
|
