dealing with debt

Debt Fix conducted a survey and of the 1745 respondents, 70% either agree or strongly agree that they are concerned about their financial security. Our survey recorded 1085 female and 679 male respondents.

The majority of respondents revealed that their indebtedness ranged between $25k and $50k over credit cards, personal loans and short term (high interest) finance. Whilst the survey may not have drawn a direct link between the two, it does appear more than coincidental.

It’s reasonable to conclude that indebtedness (relative to income levels) is one of the main drivers when it comes to the way people feel about their future financial prospects.

Personal Information

Of those surveyed, around 26% were earning between $50k - $76k and 25% were earning under $25k. The majority of individuals i.e. 37% earned only $25k - $49K a year. Finally, 7% of individuals surveyed earned over $76-$100K a year.

The Kind of Debts

22% of all our survey respondents have debt totaling an amount between $25k-$50k; proving to be within the average for household debt. Successively 19% of respondents have a debt between $5k-$10k. Almost 63% of all respondents had debts due to personal loans. The runner up cause of debt with 54% was credit cards, followed by 53% of respondents with debt caused from short term cash loans.

The Debt Survey

Based on the responses from this survey, it’s apparent that debt can happen to anyone regardless of their income or age. More than 42% of respondents have agreed or strongly agreed when asked if they consider all possible outcomes before making a decision.

Logic dictates that if income doesn’t increase proportionately with debt levels, at some juncture the adequate servicing of that debt will suffer.

At this juncture, the debtor is forced to take action unless they risk the situation worsening.

There are two essential parts to the debtor regaining control of their situation. In the first instance, the debt repayments need to come under control / be conditioned to meet the debtor’s circumstances. Secondly, the debtor’s income must be reliable.

Once these two factors are met, a debtor stands a reasonable chance of getting on top of their debts and subsequently looking forward to a debt free future, free of financial anxiety.

On the bright side, 62% of people were willing to sacrifice immediate happiness or wellbeing in order to achieve a successful outcome in the future. Having this attitude is the first step to seeking assistance, budgeting, paying off debt and regaining financial control of your life.

Are You Struggling To Pay Off Your Debt?

At Debt Fix we help you get the debt relief you need. We help countless Debt Fix has helped thousands of Australian households regain financial control by creating individually tailored plans. If you struggling to deal with debt, our debt professionals at Debt Fix is here to help you overcome it. Please don’t hesitate to contact Debt fix now on 1300 332 834 for an obligation free assessment to find an effective debt management solution for you and your family.