What has been described as an “unprecedented level of debt,” the harsh economy has many Aussies struggling. As 2025 kicks off, one lender noted that brokers can help clients get their finances in order.
January is a troublesome time of year. Many are coming back to work after spending in excess over the break.
In fact, according to Pepper Money, debt in Australia has surged to over $2.1 trillion. Credit cards make up a large chunk of this, with a reported 12,132,305 credit cards in circulation nationally, as of October 2024.
Barry Saoud, general manager of mortgages and commercial lending at Pepper Money, described a culmination of high interest rates, stubborn inflation, and the unavoidable costs of the…
