Australians’ household debt is among the highest in the world, sitting at over 120% of GDP. We have over $1 trillion in mortgages. We borrowed $46.6 billion in personal loans in the 12 months till August. Australians also owe $45 billion in credit card debt, and more than 1 in 6 people are struggling to pay it back. Young people are more likely to be in this category.
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