Mortgage debt causing older Australians distress and worsening mental health
The average mortgage debt of those aged 55 and older has increased in the late 1980s.Many older Australians are struggling to pay their mortgage debt before they get retired.According to AHURI study the statistics are really distressing, this study also found that the growth in home loan debt among older Australian people has exceed improvement in credit amount and wages.After rise of the prices the mortgage debt lugged by people aged over 55 in 2015 was increased 600 % on 1987 levels.”The Australian government can foresee that will built actually totally burden in condition of the amount of funds that they will have to alter to the elderly pension system “said Professor Ong ViforJ.In addition, the older Australian people hope that they will completely pay their mortgage before they retired.
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