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Australians rank fourth highest in the world next to Denmark, the Netherlands and Norway.
As of 2016, Australia’s total personal debt is around trillion and the average Australian household owes 0,000.
“bad debt”) made up 26.3% of America’s personal debt in the first quarter of 2016.
Significantly, Australia’s personal debt levels have outstripped income growth and led to a debt-to-income ratio of 88%.
On the other hand, declining interest rates have helped keep repayments at a relatively manageable level. NATSEM report shows, the typical ratio of debt interest repayments to disposable household income is sitting at around 6%.
If circumstances change, or if you have borrowed beyond your means, then it could be difficult to sustain any debt over the long term.
This can lead to defaults and more serious issues such as bankruptcy.
Further information also shows that household debt in the US is increasing due to a rise in credit cards and car loans, both of which are considered “bad debts”.