A new study has revealed a majority of consumers didn’t understand the relationship between late payment and negative ratings on their credit history.
Thirty-one percent of Australians with home mortgages said if cash was short, it's the repayment they would be least likely to make, the report by Dun and Bradstreet, for Newspoll, found.
The survey showed that many consumers would rather pay their pay TV bill or mobile phone bill if money was so tight they had to choose.
"While the mortgage is considered extremely important, the study finds that when push comes to shove, Australians are prepared to miss a payment to ensure they have cash for daily essentials," Dun & Bradstreet chief executive Christine Christian said.
Data from D&B’s payment study showed that 41% of Australians polled said they had paid at least one bill late in the past year, with one quarter of those bills being for the phone service, 24% of them for mobile phone and electricity bills, and 23% for credit card bills.
Only 7% of mortgage holders said they had made a late repayment in the past 12 months.
Join the discussion on Everything else about home loans
|