YOUNG PEOPLE IN BUSINESS HAVE STARTED FEELING THE INCREASED PRESSURE THE RBA CASH RATE RISES ARE NOT ONLY HAVING ON THEIR MORTGAGE PAYMENTS BUT ALSO THERE BUSINESS.

WITH BILLS INCREASING, ELECTRICITY PRICES SET TO SURGE AND MATERIAL COSTS SKYROCKETING, MANY LIKE THE OWNER OF THE LOCAL SALON HERE IN WESTMEADOWS, MAGGIE MENDEZ, ARE FEELING HELPLESS IN THE BATTLE.

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We are finding that people are not having full services so they might come in for their colour or highlights like they normally need done every six to eight weeks, which they might be pushing out to nine weeks now.

HOWEVER, TONY HARRINGTON, LIFESTYLE AND MONEY COACH SAYS THAT YOUNG PEOPLE THAT HAVE RECELTY BOUGHT A HOME WHILST RUNNING A BUSINESS MAY NEED TO REEVALUATE THEIR FINANCIAL CIRCUMSTANCES

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It’s a bit of tough love here but if you’re in a position where you’ve overcommitted and you’re in a position with a choice between your business and your home then sell the home and downsize.

BUT MISS MENDEZ SAYS THAT THEY BOUGHT THEIR HOME WITH THE SECURITY OF BEING TOLD INTEREST RATES WEREN’T GOING TO RISE AND NOW ARE LEFT WITH LITTLE HELP FROM THE GOVERNMENT.

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You know we were promised that the interest rates were not going to go up until 2024 so its very clear that they don’t really know how it was going to impact us so soon, so we’ve all probably gotten ourselves in situations that we possibly wouldn’t have if we knew about this sooner.

FOR HARRINGTON HE SAYS THAT SITUATIONS MANY HAVE GOTTEN THEMSELVES IN ARE VICTIMS TO SOCIETY’S MATERIALISM

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People didn’t do this back in the 50’s, 60’s, 70’s, they just bought a basic home, a modest place, worked their backsides off, got it paid off as fast as they could and then they felt they were okay, but in today’s world we’ve got to have the biggest, we’ve got to have the best, we’ve got to have this, we’ve got to have that, its nuts how people live, right? 

NO MATTER THE DEBATE, ONE THING IS FOR CERTAIN, NO MATTER YOUR COMMITMENT TO YOUR MORTGAGE, THE INTEREST RATE RISES ARE STARTING TO AFFECT MORE THAN JUST HOUSES.

MACEY FOGARTY FOR RMIT MELBOURNE.