Debt Got You Down?
A recent survey revealed 41% of Australians have credit card debt and of those nearly 4 million cannot afford to repay it!
In addition:
- The average Australian household has a debt of around 185% of their annual disposable income.
- Australian households have the fifth highest debt levels in the world with household debt increasing fourfold since 1988.
- Average debt levels are $12,643 for personal loans, $3,114 for credit card balances and $16,320 for car loans.
So what does this mean for the ‘average’ Australian?
Did you know if you are a prospective home buyer and have these ‘average’ levels of accumulated debt it could affect your borrowing power by almost $100,000?
With the median Australian house price at $623,0003 what impact might this have on your home ownership dreams?
