Wednesday 21 December 2011

Australian debt

Most Australians worried about debt
Four out of five Australians are worried about their ability to meet future debt repayments, a survey shows.

19 December, 2011

The biannual survey by data intelligence company Veda, found 82 per cent were worried about their ability to meet debt repayments in the future, up from 75 per cent a year ago.

The results come as fears grow of a global economic downturn on the back of Europe's sovereign debt crisis.

The survey also found that one in five Australians was struggling to repay their current credit commitments.

However, about 29 per cent of this sub group were considering applying for more credit in the next six months, the survey found.

"It is concerning that there are people struggling with their current debt levels but are turning to more credit as the answer, potentially edging closer to a debt spiral," Veda senior adviser Matthew Strassbourg said in a statement.

The survey found people aged 25-34 were the most worried about their ability to repay debt and the most likely to borrow more in the next six months.

About 70 per cent of this age group had received help from a family member to repay debts compared to about 35 per cent for the rest of the population.

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