In 2024, over 169,000 people reached out to the National Debt Helpline (NDH), a 12 per cent increase on the year prior.
Meanwhile, website visits to the NDH climbed by 32 per cent over the year, reaching a total of 647,000.
According to Financial Counselling Australia (FCA) CEO Peter Gartlan, these statistics highlighted just how many people are struggling to keep on top of debt.
“The increase in people coming to the NDH for help shows how difficult it is for many people at the moment. Cost of living pressures are mounting and having a significant impact on the financial well-being of many thousands of Australians,” said Gartlan.
“The good news is, there is help available and you don’t have to pay for it. Financial counsellors are professionally trained and able to guide those who are struggling with debt and bills.”
The most popular reasons for reaching out to the helpline were:
- Housing stress (mortgage, rent, rates, and body corporate)
- Utilities
- Credit card debt
- Personal loans
- Buy now, pay later
- ATO debt
While the expected interest rate cuts will likely cause some relief for many Aussies, Gartlan said that this won’t be a “magic bullet” to solve challenges.
“If there is an interest rate cut there should be some relief for those who are struggling but it won’t be a magic bullet. We encourage people to seek free and independent help from the National Debt Helpline,” he said.
“People are struggling and a whole new cohort of people are seeking help. People who have never had to seek help. People who have normally been able to cover all their bills and debts.
“We welcome the fact more people are seeking help from the National Debt Helpline. There is no shame in asking for help and the sooner you do this, the better. Look at our website at ndh.org.aufor self-help or you can use the chat function. If you want to speak with a financial counsellor call 1800 007 007.”
[Related: Aussies overspending during Christmas facing growing credit card debt]