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Date Published : Friday, April 04, 2008
New research by Newspoll has shown that young people are more in fear than ever of getting into debt.
Ten per cent of respondents aged 18 to 34 stated that they expected to miss a credit card or other debt repayment over the course of the next three months, while the same age group also had the highest future household debt expectations, according to News.com.au
Dun and Bradstreet chief executive officer Christine Christian is quoted by the website as saying: "The recent series of interest rate rises has increased the level of pressure on many individuals.
"A growing number of households expect their overall debt levels to rise further."
The survey also found an increase in the number of young people applying for credit cards, with 24 per cent stating they intended to apply for a card within the next three months.
Further revelations include that 20 per cent of all respondents surveyed intend to use a credit card for a purchase they could otherwise not afford, with the figure increasing to 28 per cent for the 18-30 age group.
Of those surveyed, 28 per cent also believed that their level of household debt was set to increase, a rise of eight per cent since the same survey was conducted last year.
An investigation by ABC found that many Australians have resorted to using credit cards to pay off stock market debts, personal loans and home loans because of recent interest rate hikes in the country.
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