Average household debt grew by 7.3 per cent to $261,492 in 2021-22, according to the latest figures from
A bleak new study has revealed that the average Australian is in more than $20,000 worth of personal debt, equating to over $70 billion nationwide. The research, conducted by consumer specialists Finder, found that a year ago the majority of Aussies had a personal outstanding debt of around $18,000.
As of June 2022, Australian household debt was estimated to be at US$1.95 billion, which had remained largely stable since 2015, when the figure reportedly topped US$2 billion.
Average consumer household debt in 2023
According to Experian, average total consumer debt in 2022 was $101,915. That's up nearly 10% from 2020, when average total consumer debt was $92,727.
These debts could be anything from a credit card debt, mortgage, financing, or even an unsecured debt. In the UK alone, the average total personal debt was £33,410 in March 2022, a significant rise of £1,767 since January 2020. That equates to around 107% of average earnings per adult.
The average debt per person is 105% of the average UK yearly salary. The average household debt in the UK is £65,434 in 2023, up by £1,852 compared to 2022. Household debt is approximately 131% of household disposable income. The average credit card debt per household in 2023 is £2,277, the highest in 3 years.
The average amount is almost $30K. Some have more, while others have less, but it's a sobering number. There are actions you can take if you're a Millennial and you're carrying this much debt. We'll talk about some strategies right now.
Generally speaking, a good debt-to-income ratio is anything less than or equal to 36%. Meanwhile, any ratio above 43% is considered too high. The biggest piece of your DTI ratio pie is bound to be your monthly mortgage payment.
The average credit card debt by age in the UK is £5,400. This means that the average person has a total of £1,600 in credit card debt at any one time. If you don't pay off this debt, it will have a big influence on your life.
How much money do you have saved? Well, according to new data, the average Aussie has $34,507 stashed away. Aussie men aged 50-64 had the most saved at $106,236, according to the new data from NAB. Meanwhile, young women aged 18-29 had the least amount stashed away, at $11,153.
A common rule of thumb is to have at least three months and ideally six months worth of living expenses in your savings at a minimum. This is to ensure you can manage if you were to suddenly be out of a job, if a health problem emerges or a change in personal circumstances occurs.
The average net worth for all Australian households in 2019–20 was $1.04 million. This was not statistically significantly different from $1.05 million in 2017–18, but an 19% increase compared with 2009–10 ($878,200) was statistically significant.
Example: what is good debt? If you borrow money at 6% per annum and you invest in something that pays you 7% per annum, that is 'good debt' – because you have made more money than it cost you to borrow. The interest on good debt is usually tax deductible.
According to data from NAB, the average Australian had around $34,000 tucked away in a savings account as of late 2022. The bank surveyed more than 2,000 Australians to make its findings. However, the amount of general savings a person held varied significantly across various demographics.
But just because a $15,000 balance isn't rare doesn't mean it's a good thing. Credit card debt is seriously expensive. Most credit cards charge between 15% and 29% interest, so paying down that debt should be a priority.
$20,000 is a lot of credit card debt and it sounds like you're having trouble making progress,” says Rossman.
Worse than being in debt is losing your peace.
It's called being human. For some people that adversity takes the form of being in debt. The main thing is to keep your peace, to know that God is taking care of each of us, and to remember to trust Him to provide.
Most Americans have some credit card debt. A recent GOBankingRates survey found that 30% of Americans have between $1,001 and $5,000 in credit card debt, 15% have $5,001 or more in credit card debt and about 6% have more than $10,000 in credit card debt.
Debt might also be considered good if it helps you build credit. But remember: Part of what separates good debt from bad debt is how it's managed. This means using credit responsibly, like making monthly payments on time. Loans and credit cards can help open new doors and opportunities, but there are no guarantees.
The average size of a mortgage taken out in 2023 is £184,376. On average, Brits are paying £665 a month for their share of the mortgage payment, higher than the average rent payment. The average monthly mortgage payment for a semi-detached property was £1,262 in December 2022, 62% higher than the previous year.
Main points. Median household disposable income in the UK was £32,300 in the financial year ending (FYE) 2022, a decrease of 0.6% from FYE 2021, based on estimates from the Office for National Statistics (ONS) Household Finances Survey.
British households save 7.6% of their disposable income as of Q2 of 2022. 60% of UK households have savings accounts of some kind. The total number of ISA subscriptions in the UK is 12.2 million. The South East region has the largest number of savers, with 1.1 million cash ISA subscriptions.