The amount of personal debt the average Aussie owes has been revealed by Canstar. Credit card debt, buy now pay later debt and HECS/HELP debt were the three most prominent factors impacting personal debt. Canstar’s annual survey of more than 2000 people found that for those who have personal debt, the average amount has risen to $15,200 – an increase of $6,200.
The level of personal debt held by Australians. (Canstar)At least 42 per cent admitted to missing at least one repayment. Credit cards were the number one pressure point across all age groups, followed by buy-now-pay-later debts and then HECS/HELP debt. Gen Z had the highest amount of debt out of any group, heading into the holiday season with a 111 per cent jump in debt compared to last year reaching an average of $23,900. Baby Boomers had the lowest amount at $7,200.