With inflation on the rise and living costs soaring, more young people are descending into debt. In a recent nationwide survey done by financial services company Dun & Bradstreet, the increasing range of debt receipts alarmingly fell around the 18-34 age
The survey found that more than one in five Australians expect to use their credit card to finance purchases they otherwise couldn’t afford. Livings costs are sky rocketing and as a result, young people are struggling to meet the financial demands. House hold debts have increased by 30% since Oct 2007, a mere six months ago. Credit card debt affects not only the middle age demographics but also the younger market, combining to make the nation’s current credit card bill, which stands at a staggering $42.340
Falling into Debt
Dun & Bradstreet chief executive Christine Christian suggested the “recent series of interest rate rises has increased the level of pressure on many individuals to the point where a growing number of households expect their overall debt levels to rise further”. These alarming rates of increasing credit card debt, especially among young people, perhaps suggest we view Australia’s financial future with extra caution.
If you are suffering under credit card and other debts, let us help you refinance your repayments into one, easy monthly sum. For more information contact us on 1300 138 188.