High Household Debt Hits Household Budgets

Abbott Government Budget measures would put further cost of living pressure on households already struggling with high levels of household debt, Terri Butler MP said.

New research by finder.com.au has found that household debt on credit cards and personal loans has reached over $101 billion.

“Households are already struggling to make ends meet. The Abbott Government’s unfair policies make the situation even worse,” Terri Butler said.

“Some households are taking out loans just to pay their everyday household bills and medical expenses.

“If Tony Abbott gets his way, some families will lose as much as $6,000 a year.

“And people are facing the real prospect of having to pay extra, every time they visit the doctor,” she said.

A recent report by McKinsey Global Institute found that Australia is one of seven countries that “have household debt that may be unsustainable”.

“Australian households are already facing significant cost of living pressures.

“It’s time for the Prime Minister to reverse his cuts, scrap his GP Tax, and start giving Australian households a fair go,” Terri Butler said.

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