Debt worries hit young people

Eighty-two per cent of Australians are concerned about their ability to meet future debt repayments, according Veda Advantage. There was a 75 per cent increase of consumers reporting worry when it comes to repaying debt. One in five respondents claimed they were struggling to pay their current credit debt, with 29 per cent of this group considering getting more credit within the next 6 months.

“It is concerning that there are people struggling with their current debt levels but are turning to more credit as the answer, potentially edging closer to a debt spiral,” Veda senior adviser Matthew Strassbourg said.

Those aged 25 to 34 were the most concerned about debt and likely to borrow. Seventy per cent in this age bracket had help from family to repay debts.

Source: The Adviser