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Credit Clear on track to deliver 'financial well-being' to Australians and the world

smallcaps.com.au
3 min read
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As part of its strategy to improve the mechanics of debt repayment while executing its international expansion strategy, Credit Clear's (ASX: CCR) has
As part of its strategy to improve the mechanics of debt repayment while executing its international expansion strategy, Credit Clear's (ASX: CCR) has developed artificial intelligence-based communication technology that provides a "frictionless" way to resolve debt.

According to Credit Clear executive director and co-founder Lewis Romano, Australians are currently facing an "increasingly complex financial life" due to the myriad of financing options available, but also, the wide range of pitfalls that can befall the modern consumer. Namely, avoiding the most common reason why people get into debt in the first place: spending more than you earn.

Although it is common for Australians to spend more than they earn, most debt-laden consumers prefer to settle their debts rather than avoid them. In fact, Australian household debt has been rising for decades as more people get onto the housing ladder and purchase big-ticket items such as car loans and credit cards.

According to research published by the OECD, the ratio of household spending to income has more than doubled between 1995 and 2015, going from 104% to 212%.

This trend has understandably pushed up the number of payable loans, and, more importantly from Credit Clear's perspective, has opened the door for a technology-based solution that can soothe both borrowers' and lenders' concerns.

"I became increasingly aware consumers were experiencing enormous friction and frustration from the way communications about payments and debts were delivered," Mr Romano said.

"Communications often involved pressure tactics to encourage payment, but lacked convenient options, flexibility…
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