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
CBA launches digital home loan with 10-minute application
According to the bank, Unloan will provide a single low-cost interest rate to borrowers with an application time of as little as ten minutes. ...Read more
Loans
Are central banks weighing the economic pain of rate hikes?
The hype around interest rate hikes usually centres around the urgent and fundamental need to alleviate the consequences of inflation – but does this monetary policy do more harm than good? ...Read more
Loans
As rates begin to rise, how much more will new borrowers pay?
Mortgage holders could be asked to pay over $1,000 more per month due to rising interest rates. ...Read more
Loans
New investor home loan commitments climb to a record high
The value of new investor loan commitments reached $11.7 billion in March. ...Read more
Loans
Major banks announce interest rate changes
Following the RBA’s first rate hike in 11 years, the big four banks have tweaked their home loan variable interest rates. ...Read more
Loans
Up to $400bn of fixed rate home loans tipped to roll off into variable rates
A surge of refinancing is anticipated in the next couple of years. ...Read more
Loans
‘Liar loans’ most prevalent at ANZ, survey finds
UBS has identified an increase in factual misstatements coming from ANZ’s mortgage customers. ...Read more
Loans
How will rising rates impact mortgage stress?
Mortgage holders could face thousands of dollars in extra repayment costs per year as a result of impending rate hikes. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Loans
CBA launches digital home loan with 10-minute application
According to the bank, Unloan will provide a single low-cost interest rate to borrowers with an application time of as little as ten minutes. ...Read more
Loans
Are central banks weighing the economic pain of rate hikes?
The hype around interest rate hikes usually centres around the urgent and fundamental need to alleviate the consequences of inflation – but does this monetary policy do more harm than good? ...Read more
Loans
As rates begin to rise, how much more will new borrowers pay?
Mortgage holders could be asked to pay over $1,000 more per month due to rising interest rates. ...Read more
Loans
New investor home loan commitments climb to a record high
The value of new investor loan commitments reached $11.7 billion in March. ...Read more
Loans
Major banks announce interest rate changes
Following the RBA’s first rate hike in 11 years, the big four banks have tweaked their home loan variable interest rates. ...Read more
Loans
Up to $400bn of fixed rate home loans tipped to roll off into variable rates
A surge of refinancing is anticipated in the next couple of years. ...Read more
Loans
‘Liar loans’ most prevalent at ANZ, survey finds
UBS has identified an increase in factual misstatements coming from ANZ’s mortgage customers. ...Read more
Loans
How will rising rates impact mortgage stress?
Mortgage holders could face thousands of dollars in extra repayment costs per year as a result of impending rate hikes. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
