If you feel like you’re drowning in debt, you’re not alone. Thousands of Australians struggle with debt year after year. In fact, personal debt levels are at a high. An Australian Securities and Investments Commission (ASIC) report showed 18.5 per cent of consumers were overwhelmed by their credit card debt load with outstanding balances now totalling $45 billion*.
As debt is so common, it can be hard to tell if you have too much of it or when its becoming a problem. There are some warning signs that could help determine if your finances are at risk because you have too much debt.