Australia could soon be facing its worst financial crisis in decades, as new research shows that more people than ever are drowning in debt.
Data out of The Salvation Army has revealed that vulnerable Australians now have $2.55 worth of debt for every dollar earned, or a debt-to-income ratio of 255 percent.
More and more Australians are falling into the vicious cycle of debt, feeling forced to max-out credit cards, take out very expensive loans or take consumer leases when they are in financially desperate situations, head of The Salvation Armys free Moneycare service, Tony Devlin, said.
However, these band-aid solutions typically only exasperate the problem.
Mr Devlin says that housing affordability and cost of living press…
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