Why this 15pc share price plunge is good for the economy
Investors punished distressed lender Credit Corp after it revealed very good news for the rest of us. The number of Australians who can’t pay their bills is hardly rising despite all the interest rate rises.
The number of Australians struggling to pay their credit card bills is small and showing few signs of growth, despite repeated interest rate rises, the soaring cost of living and a softening economy.
Credit Corp boss Thomas Beregi, whose business buys books of distressed credit card and personal loans customers off the banks, says the Australian consumer is “still in really good shape” with few borrowers either in arrears or default.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
