A new study has found that Australians are significantly racking up more debts to cope with high inflation compared to last year.
According to research by the financial comparison website Finder, an average Australian consumer currently accumulates a debt of $20,238 (US$13,500), up from $18,301 a year ago.
This figure does not include mortgages and composes of $1,948 in credit card debt, $6,920 in personal loan debt, and $11,370 in loan debt.
If extended to the whole country, the total amount of personal debt in Australia is estimated to reach over $70 billion.
Amy Bradney-George, a personal finance expert at Finder, said many Australians were forced to borrow to pay for living expenses due to skyrocketing consumer costs….