Credit card debt worrying most Australians
Spiralling credit card debt is causing anxiety for more than 50 per cent of Australians, a survey has revealed.
According to a Mortgage Choice snapshot of over 1000 Australians, just over half (53.4 per cent) are either “very worried” or “concerned” about their financial standing.
The proportion was almost a perfect match for the 55 per cent of Australians who currently have credit card debt, Mortgage Choice spokeswoman Jessica Darnbrough said.
“The Money Survey found that of those with credit card debt, 35.7 per cent currently owe more than $5,000, while a further 10 per cent owe between $4,000 and $5,000 on their credit card,” Darnbrough said.
“Meanwhile, just 11 per cent currently owe $500 or less.”
Darnbrough said debt-addled Australians should consider consolidation, refinancing or using comparison sites to reduce the burden.
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
