Gen Y non – mortgage debt has reached alarming levels, according to a consumer study by RateCity. The study revealed that Aussies are taking on debt at an average of age 20, as compared with their 65 year old counterparts, who then applied for credit cards at an average age of 34.
RateCity Chief Executive Alex Parsons expressed concern over the growing trend, citing that 42% of people under 24 years already have an existing debt between $10,000 and $30,000 outside of mortgage. Educating the younger generation in managing their finances should be a priority, as 63% of those surveyed are not even aware of their credit card interest rates.
Read more about this on the Mortgage Business website.