Most Aussies worried about loan repayments

82 per cent of Australians are worried about their ability to meet future debt repayments, according to Veda, up from 75 per cent a year ago. The survey also found that one in five Australians was struggling to repay their current credit commitments.

However, about 29 per cent of this sub group were considering applying for more credit in the next six months, the survey found.

“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 in a statement.

The survey found people aged 25-34 were the most worried about their ability to repay debt and the most likely to borrow more in the next six months.

Source: Sydney Morning Herald