Australian Average Household Debt Reaches Alarming New Heights
By Administrator 19 February, 2016
Despite Australia’s economy being forecasted as the 13th largest in the world in 2015, Australian households now have the fifth highest debt levels.
Australian household debt figures have recently sky rocketed to new heights, with some of the latest reports –including those of the AMP and the National Centre for Social and Economic Modelling – claiming that the average household debt in Australia has quadrupled compared to that of 30 years ago.
The current average household debt in Australia sits roughly between $245,000 – $250,000.
Various reports surrounding this concern have calculated that it would take the average Australian household 18 months to pay off all of its outstanding debt – if they could go without food!
So how did we find ourselves in this position? What and who is to blame?
The influence and combination of particular variables – including rising unemployment rates, housing prices, fluctuating interest rates and general overspending –are all significant factors that can result in the accumulation of debt.
Understanding your circumstances and current situation in line with these factors will help us provide you with the right solutions to break free from debt.
The warning signs of debt can be clear indicators for immediate action. Debt Free Australia delivers the right solutions for individuals affected by debt. Our goal is to get you out of debt, not to give you even more!
What we can do for you is going to vary depending on your circumstances. Call us today on 1800 676 598, no obligations!
Our trained professional personal debt advisors are sure to have the right solutions tailored to you.