More and more Australians are falling into the vicious cycle of debt according to research released by The Salvation Army.
The data shows that those on the brink of financial crisis have accrued $2.55 of debt for every dollar earned. Thats a debt-to-income ratio of 255 per cent. Comparatively, the average Australian household has a debt-to-income ratio of 190 per cent.
More people are feeling forced to max out credit cards, take out very expensive loans or take on consumer leases when they are in financially desperate situations. However, these band-aid solutions typically only exasperate the problem, Tony Devlin, head of The Salvation Armys Moneycare service said.
As part of Anti-Poverty Week, The Salvation Army data also found casual …
Read the full article at: http://www.winghamchronicle.com.au/story/4996107/credit-cards-are-the-most-common-form-of-debt/
