Australian households have come out on top as the most indebted in the world, according to research by Barclays, making them vulnerable in the event of a global crisis.
The Sydney Morning Herald reports Barclays’ Australian chief economist as saying that the private sector debt-to-income gearing is at an all-time high of 206 per cent, up from a pre-Global Financial Crisis (GFC) figure of 191 per cent. Australia is in the top 25 per cent of the world when it comes to leverage.
Australia is ranked first when it comes to accumulating household debt, including mortgages, credit cards, overdrafts and personal loans. While credit piles up for Australians, the rest of the world is paying it down, according to the SMH’s reporting.
With debt continuing to pile up for Australian households, the demand for financial assistance is starting to rise. This is where Debt Free Australia steps in. Debt Free Australia has helped thousands of Australians with their debt problems by providing free advice and financial solutions that are tailored to their unique situation.
Our personal debt advisers are trained in all aspects of personal insolvency, and our CEO is licensed and qualified to offer you whichever formal debt solution best suits your circumstance. So when you call us, you can rest assured that the advice given is completely impartial, and not geared toward selling you an unsuitable product.
Call us today on 1800 462 767 for free, confidential advice.