, found that a year ago the majority of Aussies had a personal outstanding debt of around $18,000.- and that number has risen to $20,238, an increase of 11 per cent.A bleak new study has revealed that the average Australian is in more than $20,000 worth of personal debt, equating to over $70 billion nationwide.
"A significant number of people are having to turn to credit cards, buy-now-pay-later services and personal loans in order to cover day-to-day expenses like food and electricity," Amy Bradney-George, personal finance expert at Finder, said. The study also found that over half of all Aussies - some 54 per cent or over 10 million people - owned a credit card.The research, conducted by consumer specialists Finder, found that a year ago the majority of Aussies had a personal outstanding debt of around $18,000.
"Debt can quickly get out of control and lead to bigger financial difficulties," Bradney-George said."Contact your providers to see if you can set up a payment plan that fits with your income.