Over half of all Australian adults are living in debt, with almost 2 million of those seeing no light at the end of the debt tunnel, according to a new survey by finder.com.au.
The survey revealed that 53 per cent (an estimated 9.0 million) of adults are currently in debt, with 10 per cent (an estimated 1.7 million) believing that they will never live debt free.
The survey also showed that the average age when Australians start accumulating debt is 27, and that 19 per cent (3.2 million) saw themselves paying off their debt within the next five years, while 17 per cent (2.9 million) saw themselves sorting out their debt within the next 6 to 20 years.
Finder.com.au spokesperson Michelle Hutchison said Australia has a serious debt issue, and many Australians are too complacent about it.
“We’re now growing up with so much debt and accumulating debt from a young age with the use of tech gadget plans like mobile phones, laptops, iPads and other devices.
“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,” she said.
As a Mortgage Adviser and Finance Broker for 11+ years, I’ve come across clients in all sorts of financial predicaments. If you are deep in debt and feel like there is no way out, then you might like to have a read of my when you’re in over your head blog post.
Whilst it’s never too late, my recommendation is to partner with a financial planner as early as you can, and you can read more about the benefits of that in my 6 step process for your financial plan post.
I’m always available to chat, so please connect with me if you’d like to have a confidential one-on-one discussion regarding your financial position to see if I can advise you on options, or recommend you to other specialist in the industry.
Jason Thomson | Finance Broker and Mortgage Adviser | Smartline Cairns