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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
