Borrow
Australia’s problem with debt
One-quarter of Australians ignore their debt because they don’t want to talk about it, which is leading to feelings of anxiety and embarrassment, a new survey has revealed.
Australia’s problem with debt
One-quarter of Australians ignore their debt because they don’t want to talk about it, which is leading to feelings of anxiety and embarrassment, a new survey has revealed.
An ING study found that nearly half (47 per cent) of Australians feel “anxious” about the subject of debt, while almost four in 10 people (38 per cent) are “embarrassed” by it.
A spokesperson for ING, David Breen, said that “the problem with not talking about debt is that options to solve the problem don’t then readily present themselves”.
One in three respondents (37 per cent) revealed that they are not sure what they could be doing differently to manage their debt, while a similar figure (38 per cent) reported concerns around ever being able to get out of a debt situation.
ING highlighted that a majority of respondents in the survey didn’t even know there were solutions available to them for the tackling of repayments: Six in 10 Australians have never considered debt consolidation as an option to get out of debt sooner.
“For those struggling to manage multiple debt repayments, consolidating debts into one low-interest loan can reduce the stress of multiple repayments and high interest rates,” Mr Breen flagged.
He said a personal loan “can be a great way to put all your debt in one place, so you know when, and how much, you’re paying off”.
The research also revealed that one in three (35 per cent) people who are currently in debt haven’t considered cutting back their spending as an option to reduce their debt.
Of even more concern was the finding that a similar figure (33 per cent) also admitted to turning to gambling or lotteries in the hope of wiping out their credit.
“Stigma related to loans and debt mean[s] we’re a nation too embarrassed to discuss our finances,” Mr Breen commented.
“We need to get people talking about their debt and workshopping management options, whether that’s opening up to friends, family or a financial adviser.”
About the author
About the author
Loans
Mortgages slashed 6,777 times in 2020
Record-low interest rates have seen lenders make almost 7,000 cuts to home loans throughout 2020, but mortgage-holders and investors remain disinterested in getting a better rate, new research has rev...Read more
Loans
Aussies urged to avoid holiday debt
Christmas presents, New Year’s drinks, travel plans… December is an expensive time of year, but while the wallet can be on the slim side in January, Aussies are being urged to be careful when turn...Read more
Loans
Consumer groups slam axing of safe lending laws
One hundred and twenty-five organisations have banded together to oppose the federal government’s proposed relaxation of responsible lending laws, arguing it will hurt consumers and the broader e...Read more
Loans
‘Most Australians are through the worst’ as mortgage repayments resume
In a positive sign for the Australian economy, nearly 7 in 10 Australians who paused payments due to the COVID-19 pandemic have resumed repaying their mortgages, new figures have shown. ...Read more
Loans
Non-majors announce rate cuts
A number of non-major lenders have announced that they will pass on the full RBA rate cut to all existing variable rate home loan borrowers. ...Read more
Loans
Big 4 cut interest rates
Westpac, CBA, NAB and ANZ have all reduced their fixed rate home loans and some business loans following the Reserve Bank’s reduction of the official cash rate. ...Read more
Loans
What the RBA’s rate cut means for you
The RBA has slashed the official rate cut to a new record low of 0.10 per cent, but what does that mean for you? ...Read more
Loans
Banks slash rates for new customers – but will the RBA follow?
Lenders are continuing to price in a rate reduction from the Reserve Bank, according to new research. ...Read more
Loans
Mortgages slashed 6,777 times in 2020
Record-low interest rates have seen lenders make almost 7,000 cuts to home loans throughout 2020, but mortgage-holders and investors remain disinterested in getting a better rate, new research has rev...Read more
Loans
Aussies urged to avoid holiday debt
Christmas presents, New Year’s drinks, travel plans… December is an expensive time of year, but while the wallet can be on the slim side in January, Aussies are being urged to be careful when turn...Read more
Loans
Consumer groups slam axing of safe lending laws
One hundred and twenty-five organisations have banded together to oppose the federal government’s proposed relaxation of responsible lending laws, arguing it will hurt consumers and the broader e...Read more
Loans
‘Most Australians are through the worst’ as mortgage repayments resume
In a positive sign for the Australian economy, nearly 7 in 10 Australians who paused payments due to the COVID-19 pandemic have resumed repaying their mortgages, new figures have shown. ...Read more
Loans
Non-majors announce rate cuts
A number of non-major lenders have announced that they will pass on the full RBA rate cut to all existing variable rate home loan borrowers. ...Read more
Loans
Big 4 cut interest rates
Westpac, CBA, NAB and ANZ have all reduced their fixed rate home loans and some business loans following the Reserve Bank’s reduction of the official cash rate. ...Read more
Loans
What the RBA’s rate cut means for you
The RBA has slashed the official rate cut to a new record low of 0.10 per cent, but what does that mean for you? ...Read more
Loans
Banks slash rates for new customers – but will the RBA follow?
Lenders are continuing to price in a rate reduction from the Reserve Bank, according to new research. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
