Vulnerable Australians are drowning in debt struggling to overcome financial woes that are being magnified by attempts to manage the issues via increased debt and gambling, according to new research.
Data released by The Salvation Army on Tuesday to coincide with Anti-Poverty Week shows people seeking financial assistance through its Moneycare financial counselling service are in extreme debt, with no way out but to seek help.
The figures show that those on the brink of financial crisis have accrued $2.55 of debt for every dollar earned which equates to a debt-to-income ratio of 255 per cent, far above the average Australian household ratio of 190 per cent.
Head of The Salvation Armys Moneycare ser…
Read the full article at: https://probonoaustralia.com.au/news/2017/10/research-shows-vulnerable-australians-caught-vicious-debt-cycle/
