Young Aussies unable to overcome debt
With one in 10 Australians defaulting on a bill payment young Australians are most at risk, according to RateCity study.
The financial comparison website found 70 per cent of defaults occurred before the age of 35, and two-thirds (58 per cent) had taken place before the age of 30.
"More than half of Australians under the age of 35 said they took out a credit card before they turned 25, compared with just 10 per cent of baby boomers. We're certainly seeing a trend to young people and plastic — clearly, a sign of the times," RateCity money commentator, Ali Cassim, said.
The study also found one in five Australians who suffered a default said they still hadn't recovered financially with 25 per cent of people aged 18 to 24 saying they still had not found their feet financially.
"What we're seeing is that Australians who have had a financial blip are really struggling to overcome that, and, in many cases went on to further financial difficulty as a result," Cassim said.
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