This increase is largely attributed to higher balances on credit cards, buy now pay later (BNPL) schemes, and education-related debts. The data underscores the growing financial pressures on Australians, particularly in the context of rising living costs and economic uncertainties.
Financial experts caution that while short-term loans and BNPL services offer immediate financial relief, they can lead to long-term financial strain if not managed responsibly. It's crucial for individuals to assess their borrowing needs carefully, understand the terms and conditions of such financial products, and develop strategies for timely repayment to avoid accumulating unmanageable debt.
For those currently managing personal debt, seeking professional financial advice can provide tailored strategies to reduce debt levels and improve overall financial well-being. Additionally, utilizing budgeting tools and resources can aid in better financial planning and debt management.
In conclusion, the Canstar survey highlights the importance of prudent financial management and the need for increased awareness about the implications of personal debt. Australians are encouraged to take proactive steps in managing their finances to ensure long-term stability and security.
Published: Thursday 11th December, 2025
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
