82 per cent of Australians are worried about their ability to meet future debt repayments, according to Veda, up from 75 per cent in 2010.
The survey conducted also found that one in five is currently struggling to repay ongoing credit commitments.
However, about 29 per cent of this sub group considered applying for more credit in the next six months.
“It is concerning that there are people struggling with their current debt levels but are turning to more credit as the answer, potentially edging closer to a debt spiral,” Veda senior adviser Matthew Strassbourg said.
The survey found those aged 25-34 are least able to repay debt and most likely to borrow in the next six months.
Source:
Sydney Morning Herald