“Over the past year we’ve seen an uptick in people applying for debt consolidation personal loans, as well as an increase in the amounts they’re asking for, which is consistent with the cost pressures we know people are feeling.”
A Westpac survey of 1087 customers found more than a quarter (28%) are concerned their holiday spending will cause financial stress in 2026.
Meanwhile, 19% of respondents said they would use debt to cover those costs.
Topping the list of additional costs in January and February were annual bills (35%), summer holiday (25%) and paying back festive season debt (19%), according to the survey.
Hearn said customers can use a debt consolidation loan to bundle their credit card, car, personal loan or other lending…