Will payday loans and the pandemic bring on a 'debt tsunami'?

debt crisis

Concerned woman with bills. Source: Getty Images

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Australia’s first recession in 29 years has financial counsellors busy taking calls from people who have never faced debt problems, and there are concerns debt amid the pandemic may provoke serious mental health concerns.

Highlights

  • The National Debt Helpline and Beyond Blue are finding that financial pressures are causing mental health issues.
  • Most financial counsellors report that their clients are less stressed and more hopeful after seeking financial advice.
  • Young people are more likely to resort to payday loans or personal loans to make ends meet. 
 

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