3370 5100

Debt is a lifetime commitment for millions of Australians

Debt concerns grow among Australians.

Debt continues to be a problem for many Australians, as the latest figures suggest it could be affecting as many as 1.7 million adults. This equates to around 53 per cent of Australians, the Finder.com.au survey found, with 10 per cent never imagining themselves leading a debt-free lifestyle.

On average, people start accumulating debt at the age of 27. In light of this, the nation's businesses could discover they are in growing need of the services of debt recovery experts to retrieve the money they are owed.

Money expert at Finder.com.au Michelle Hutchinson explained the extent of the nation's debt, as well as the fact many people are complacent about the amount of money they owe.

She commented: "Australia has a combined credit card and personal loan debt of over $109 billion, up by about $2 billion over the past year.

"Australians need to be more conscious about the amount of debt they are getting themselves and their families into and work out how they will pay it back before they reach retirement."

The data reveals Queenslanders are the most likely to be debt-free, closely followed by those living in South Australia. At the other end of the scale, 22 per cent of New South Wales residents believe they will never be free of debt, compared to 20 per cent of Western Australians.

Official figures from the Australian Bureau of Statistics shows as much as 75 per cent of household debt was related to housing at the end of 2013. Back in 1990, it accounted for less than half at 47 per cent.

Every person living in Australia had an average of $59,200 debt two years ago, bringing the national total to $1.38 trillion.

McCarthy Durie Lawyers are experts in litigation, helping you with areas such as debt recovery and development disputes. For help from our team, be sure to get in touch.