Australians experiencing financial stress are being urged to ask their bank or lender for help, after new research revealed that almost half of Australian adults with debt struggled to make repayments in the past 12 months.
Research from the Australian Securities and Investments Commission (ASIC) found 47 per cent of Australian adults with debt about 5.8 million people struggled to make repayments during the past 12 months, with 64 per cent citing cost of living pressures as the reason.
Other top reasons included a reduced income (39 per cent), unexpected expenses (37 per cent), unemployment (23 per cent), being overborrowed or overcomitted (22 per cent) and a medical situation (19 per cent).
Almost every person surveyed who encountered f…
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