FAMILIES who are struggling financially are being pushed to the brink as household debt has almost doubled in the past 12 years, new data reveals.
The Australian Bureau of Statistics Household Income, Wealth and Expenditure Survey found the average amount of household debt has risen from $94,100 in 2002-04 to $168,600 in 2015-16.
Rising property prices, record low interest rates, signing up to fatter home loans and an increasing desire for credit cards is being blamed for the uptick in families putting themselves under financial strain.
Nitin Kranti said he and his wife, Ishika, were always struggling financially but learnt how to turn that around and plan for their daughter’s future.
“We were always in debt with a car loan, credit card…
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