Queensland Personal Debt increased to 3 Billion in 2020.
Published on: Mar 3, 2021
The Whitsunday Times has uncovered some bothersome stats that the government should address before it is too late.
Every Queenslander's personal debt has increased towards $3 billion over 2020. The majority are turning into payday loans, buy now pay later services and short term loans. All of this because we're currently experiencing the worst recession since the Great Depression.
According to the Whitsunday Times,
"Queenslanders had an average of $4038 unpaid on their credit cards at the end of each month by December 2020, well above the national average of $3197, and $500 more than at the start of the year.
Unsecured loans also soared by $800 per person to $8271.
But there was an explosion in debt buy now pay later services, with the state average more than doubling from $1352 to $2754.
Brisbane's residents were among the highest for Payday loans racking up an average of $2222 up from $1894."
These concerning statistics are bothering.
Labor's national reconstruction spokesman Richard Marles stated that these figures provided by the Digital Finance Analytics are startling and
have shown how Queenslanders are going further into debt to get by during these trying times.
"This situation is even more serious given JobKeeper comes to an end this month. It makes it urgent we hear from the government what its economic COVID recovery plan looks like," he said in a Whitsunday Times interview.
"Simply going back to the way things were before COVID hit is not good enough. These figures clearly show that."
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