Average
Q1. What is the average credit card debt in Australia? As of August 2022, the average credit card debt was reported to be $2907. This is a slight improvement of figures from 2019, where debt was estimated to be just over A$3200.
The average American holds a debt balance of $96,371, according to 2021 Experian data, the latest data available.
According to data on 78.2 million Credit Karma members, members of Generation X (ages 43 to 58) carry the highest average total debt — $61,036. In this study, debt includes the following account types: auto leases, auto loans, credit cards, student loans and mortgages.
Norway is the country with the highest level of household debt based on OECD data followed by Denmark and the Netherlands.
Australia has the fifth-highest amount of household debt in the world, coming in at around $86,000 per household. A new study from Invezz revealed Australian households ranked high on the list compared to the rest of the world, with debt far outweighing disposable income.
The best example can be taken from Hong Kong (it is a one of the debt free countries), whose economy has the least debt to GDP ratio. It is an almost debt free country. It has a well-regulated financial system and large foreign reserves.
The Standard Route is what credit companies and lenders recommend. If this is the graduate's choice, he or she will be debt free around the age of 58. It will take a total of 36 years to complete. It's a whole lot of time but it's the standard for a lot of people.
* The amount and type of debt varies with credit cards topping the list, followed by mortgages, auto loans and student loans. People between the ages of 35 to 44 typically carry the highest amount of debt, as a result of spending on mortgages and student loans.
While the average age borrowers expect to pay off their mortgage is 59, the number of survey participants who have no idea when they will pay it off at all stood at 16%. In 2019, 9% of those asked didn't know and in 2020, 11% gave this answer.
But as a general rule of thumb, a debt/income ratio of 10% or less is outstanding. If it's between 10 to 20%, your credit is good, and you can probably borrow more.
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.
Many people would likely say $30,000 is a considerable amount of money. Paying off that much debt may feel overwhelming, but it is possible. With careful planning and calculated actions, you can slowly work toward paying off your debt. Follow these steps to get started on your debt-payoff journey.
What was Australia's Household Debt: % of GDP in Dec 2022? Australia household debt accounted for 117.8 % of the country's Nominal GDP in Dec 2022, compared with the ratio of 119.8 % in the previous quarter. See the table below for more data.
Note: Salary is one of the most important contributors to the total income. As such, the average median household income (Purchasing Power Parity) in Australia was 95,371 AUD (USD 63,393) for the year 2021. This puts Australia in the top 10 countries for the highest median household income.
Household wealth
Research has found that couples aged between 50 and 70 years have the highest median net worth (nearly $900,000), while singles aged between 30 and 40 years have the lowest median net worth ($50,000).
Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.
The Average Debt for Those 65-74
In a perfect world, you would be debt-free by the time you retire. That scenario is not realistic for many Americans, however. Householders in this age group who have debt carry an average debt of $105,250.
That's another reason those who are debt-free might be happier and healthier. They might be better able to afford unexpected health challenges, many of which require money to solve. They might have the means to pay for good health insurance, pay for a therapist, or sign up with a personal trainer.
Between mortgage loans, credit cards, student loans, and car loans, it's not uncommon for the typical American to have one or more types of debt. The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy.
According to the Survey of Consumer Finances, the percentage of households headed by an adult aged 65 or older with any debt increased from 41.5% in 1992 to 51.9% in 2010 to 60% in 2016. Median total debt for older adult households with debt was $31,300 in 2016 – more than 2.5 times what it was in 2001.
On the other end of the spectrum, Brunei has the lowest debt to GDP ratio at 1.90%, followed by the Cayman Islands at 4.50%, Kuwait at 7.10%, and Afghanistan at 7.40%. There are regional trends when it comes to debt to GDP ratios.
France. France has one of the largest debt levels in the world at $3.1 trillion dollars. Its debt to GDP ratio stands at 112%, with persistent primary budget deficits a prime cause of high debt levels. Economic growth has also been sluggish, adding to the increasing debt-to-GDP ratio.
Goldman Sachs Group Inc. estimates China's total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities.