According to new research from comparison site finder.com.au, 37 per cent of us – the equivalent of 7.2 million people or one in three Australians – have entered 2020 with a “Christmas debt hangover”.
While it seems dramatic, the debt hangover is less surprising given a Finder forecast of Reserve Bank of Australia data found Australians were expected to spend $28 billion on credit cards in December in the lead-up to the 2019 festive season.“We’ll still be paying for it long after the Christmas tree has been packed away,” she said.“If you know you won’t be able to pay off the whole lump in January, it’s always worth starting with what you have.
The research also found that when it comes to paying off debt, most Australians will use their savings to create a clean slate, while 11 per cent will use a balance transfer card to consolidate their debt.
Source: Loan Digest (loandigest.net)
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