5.8 million Australians with debt faced repayment difficulties due to cost of living, reduced income, and unexpected expenses, with 30% not utilizing hardship assistance.
5.8 million Australians, or 47% with debt, faced difficulties in making loan and debt repayments in the last 12 months, according to ASIC's Moneysmart research. Top reasons included cost of living pressures, reduced income, and unexpected expenses. Despite these struggles, 30% of Australians did not seek a hardship assistance arrangement from their bank or lender, preferring to sell belongings or get a second job instead.
June 02, 2024
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