Australians too embarrassed to discuss debt issues

Research reveals stigma and anxiety is stopping Aussies talking about their finances.

Aussies embarrassed by debt

New research has revealed that Australians have racked up $18.1 billion in credit card or loan debt over Christmas alone – an average of $934 per person.

The research, commissioned by ING, shows that a quarter of the population are ignoring their debt because they don’t want to talk about it.

Aussies are feeling “anxious” (47 per cent) and “embarrassed” (38 per cent) about the subject. And two-thirds (61 per cent) agree they would rather open up about anything else, including relationship troubles (58 per cent) than debt.

One in three respondents (37 per cent) said they were not sure what they could be doing differently to manage debt and are concerned they will never get out of it (38 per cent).

Most didn’t know about the solutions available to them to tackle repayments, with the research revealing that six in 10 Aussies have never considered debt consolidation as an option to get out of debt sooner.

A spokesperson for ING, David Breen, said “the problem with not talking about debt is that options to solve the problem don’t then readily present themselves. For those struggling to manage multiple debt repayments, consolidating debts into one low-interest loan can reduce the stress of multiple repayments and high interest rates.

“A personal loan can be a great way to put all your debt in one place, so you know when, and how much, you’re paying off. January is also ideal timing for structuring solutions that will set up good habits for the year to come.”

The research has also shown that a surprising one-third (35 per cent) of those in debt have not considered cutting back spending as an option to get out of debt and, worryingly, another one in three (33 per cent) admit to turning to gambling or lotteries.

“Stigma related to loans and debt means we’re a nation too embarrassed to discuss our finances,” Mr Breen said.

“The research revealed that it can lead to Australians turning to gambling, rather than looking at options like debt consolidation to help manage repayment of their debts.

“We need to get people talking about their debt and workshopping management options, whether that’s opening up to friends, family or a financial adviser.”

The research also revealed 36 per cent said they were unable to fully enjoy the festive season due to financial worries, while another 30 per cent revealed they had accumulated more debt this holiday period than ever before.

Did you accumulate more debt over the holiday period? Are you ashamed to discuss your financial situation with others?

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COMMENTS

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Curious
30th Jan 2020
9:50am
I am astounded. If you KNOW you cannot pay it back in 6 months, why buy it?
wilsonborne44
3rd Feb 2020
1:58am
Well, I can't say all are legitimate. I was scammed last month by a fraudster claiming to be a woman on a dating site. I lost $67,050 in total as I was sending money to take care of the fraudster's parents. He claimed they were involved in a ghastly road accident. leaving them in that critical condition would be very inhumane of me. I kept sending money to the fraudster thinking I was serving humanity. I was so disappointed to discover it was all scam. I later got a recovery expert who helped me trace and hijack my money from this fraudster. It took him four days approximately but It was worth the wait. I'm glad to say I got my money back in one piece. You can contact his mail
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Dave R
30th Jan 2020
10:59am
Older Australians should have more sense than to run up debts they can't repay.
Unless you expect to die before the debt collectors come knocking lol.
johnp
30th Jan 2020
11:20am
After death is the estate liable for the debt ? And if so then are the beneficiaries liable for that debt ??
Jenny
30th Jan 2020
1:56pm
As far as I know, all debtors are invited to make their claims on the estate of a deceased person.
johnp
30th Jan 2020
10:46pm
Worth mentioning that a "debtor" is a person, country, or organization that owes money !!
Jenny
30th Jan 2020
11:28pm
Beg pardon johnp, I had it the wrong way round. Creditors is what I meant.
Horace Cope
30th Jan 2020
11:05am
"Did you accumulate more debt over the holiday period? Are you ashamed to discuss your financial situation with others?"

In response to the questions, we did not accumulate more debt but paid for presents, travel and accommodation from savings. I wonder if being ashamed to discuss debts is less embarrassment and more to do with our upbringing. I know that our generation was always told that it's not polite to discuss money and it's something we do to this day. What we have, what we owe is nobody else's business and talking about it doesn't do anything for either party.

30th Jan 2020
11:16am
I'll discuss my debts with anyone but no one wants to listen.

30th Jan 2020
12:26pm
Dave R your comment reminded me of the sayings: "Eat drink and be merry for tomorrow we may die" and "Desperate people do desperate things". I myself, having faced a mountain of sand (my debt), was given a teaspoon as a tool and directed by the bank to move that mountain. With little income (the pension) it's a daunting, nay hopeless task. Occasionally in the past, I was foolish enough to spend large amounts on Lotto and smaller amounts more often, with the hope of a windfall. (My accountant says Lotto is only for people with bad maths). Sure enough, he was right. Had I put that money toward my debt, the bank would be far ahead by now. But I guess that little glimmer of hope kept me going from week to week for years. Without hope and little else, life seems much less enjoyable. So Dave's idea to rack up a huge debt just before leaving seems like a practical solution. Problem is, of course, is how to know when the debt collector is coming! Not too soon I hope!
Jenny
30th Jan 2020
2:08pm
I've never bought anything I couldn't pay for at the time. The only exception being the home mortgage, which was paid off as soon as possible.
skinner
30th Jan 2020
8:42pm
I am both amazed & astounded that the credit card debt for the past Christmas period is so high! My wife & I have had & used a credit card since 1991 & have never been charged interest as we always have paid in full by the due date. This seems to us, just good money management.
skinner
30th Jan 2020
8:42pm
I am both amazed & astounded that the credit card debt for the past Christmas period is so high! My wife & I have had & used a credit card since 1991 & have never been charged interest as we always have paid in full by the due date. This seems to us, just good money management.
Oz in Or
31st Jan 2020
8:21am
Skinner! I am "both amazed and astounded" that you have posted the same comment twice! Hope you do the same when paying bills! LOL
Oz in Or
31st Jan 2020
8:25am
Sorry! I meant DON'T do the same! LOL
skinner
1st Feb 2020
10:33am
I blame the computer, Oz in Or!
skinner
1st Feb 2020
10:33am
I blame the computer, Oz in Or!
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wilsonborne44
3rd Feb 2020
1:57am
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