Close to 1,200 people took part in DebtFix’s online survey, where we examined the various mindset of people who are struggling with debt or undergoing a debt consolidation plan. Handling debt can be a stressful burden, especially when it affects your lifestyle and day-to-day activities. However, knowing that you aren’t alone with this can be a small comfort, as you look at tackling the problem at hand and making steps to a better future.

Our survey recorded 716 female and 440 male respondents. Whilst a majority of our respondents did not disclose their age, the results show that close to 34.23% of respondents were aged between 25-34 years old, and 25.67% were 18-24 years old. The remaining numbers were scattered throughout different age groups, with 65-74 year olds recording the lowest number of participants (0.09%).

Personal Information

The distribution of our participants’ gross yearly income were reflective of most households having issues with debt. Almost 27% were earning between $50k-$76k, 24% were earning under $25k, and 37% were earning between $25k-$50k. A small percentage of 8% were earning $76k-$100k, and 4% were earning over $100k.

The Kind of Debts

23% of the respondents have debt totalling an amount between $25k-$50k. Separately, there is another 19% from that portion of respondents who have a debt between $5k-$10k. Following this group is the 12% who have indicated they have a debt under $5k, whilst the remaining number of respondents were scattered into a wider range of the amounts that they owe.

The Debt Survey

Based on the responses from this survey, it’s apparent that people look to tackle debt with an open mind. More than 73% of respondents have agreed or strongly agreed when asked if they consider all possible outcomes before making a decision. When asked if convenience was a big factor in the decisions or actions they take, 56% respondents either ticked agree or strongly agree, whilst 26% of the results were neutral.

From the same group, a further 61% of people were willing to sacrifice immediate happiness in order to achieve future outcomes. Less than 14% disagreed with this notion.

Worrying about not being financially secure was a huge motivator, with 73% agreeing or strongly agreeing to this statement. In carrying this line of argument, it was interesting to note that only 18% of our respondents said yes to spending money to make themselves feel better. A similar number of respondents said that they buy things even when it couldn’t be afforded (21%).

Looking ahead, 70% of respondents marked ‘poor’ as their answer when asked how secure they felt with their personal finances today. This is a stark contrast of the results given when asked how their personal finances were five years ago – 28% marked poor, 28% marked very good, 32% fair, and 9% said excellent.

69% responded that they do not set money aside for the future, and 41% saying they do NOT prepare a weekly or monthly budget.

When it comes to dealing with a debt collector, 61% of our respondents have responded saying they have experience dealing with one. Only 20% of this group mentioned any positive notes about debt collectors, whilst about 64% responded with only negative traits.

Trying to budget was the most popular answer, when asked what steps have you taken to address your debts. This was closely followed by speaking with creditors, and borrowing money from friends/family.

Are you struggling with debts?

Debt Fix is one the most reliable debt relief providers in Australia. Our experience in helping countless Australian households allow us to come up with tailored plans for each individual case, which results in people regaining the financial control in their life. We’ve helped a lot of people throughout the years. You can count on Debt Fix to deliver effective solutions when it comes to debt management for you and your family. Should you need any help, please don't hesitate to contact our specialists on 1300 332 834

Please see below for the full results of our online survey.

Personal Debt Survey

Personal Debt Survey

Whether it’s to lower your monthly payments, or needing a little extra for that next big purchase, Debt Fix can get you the help you need.

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The issue of debt can take a toll on not only your finances, but also your own personal state of mind. Financial difficulty can be a sensitive issue, but feeling coy or being quiet about it will not solve the problem at hand. Take the Personal Debt Survey here, and see how others have accepted their situation and what their first steps were in taking action in debt management.