Most worried about debt levels

A new study has found that 1.3 million Australians spend more than half of their income paying off loans and a further 1.8 million have over 40 per cent committed to debt repayments. Of these people 16 per cent said that they will have problems paying their lender and 1 per cent of those are not sure how they can meet loan repayments over the next year. The survey, commissioned by credit reference company Veda Advantage, also reports that three-quarters of all borrowers are concerned about their level of debt and many are looking for ways to reduce their loans.

Source: Sydney Morning Herald