Debt consolidating mortgage non home owner


19-Jan-2016 08:10

Australian household debt has steadily risen over the past three decades as more of us aim to own homes and continue to rely on products such as car loans and credit cards.In fact, the ratio of household debt to income has more than doubled between 19, going from 104% to 212%, according to the OECD Data released in 2015.As a result, Australia is now reported to have some of the highest personal debt levels in the world.Global comparisons of household debt usually look at the total owed as a percentage of net income.There is also the other 8.2% of household debt to consider.

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While many other developed countries have seen a decline or “levelling out” of personal debt since the 2008 global financial crisis, Australia’s debt levels have continued to increase.Australians rank fourth highest in the world next to Denmark, the Netherlands and Norway.