Financial stress 'through the roof' as interest rate hikes come home to roost

A record number of younger Australians are reaching out for financial help as rents and mortgage payments soar, according to new figures from the National Debt Helpline.

Financial counsellor Mike Dunkley said he is experiencing his busiest time at the National Debt Helpline (NDH) in Sydney's Surry Hills.

"I've been on the NDH now for 2.5 years and I reckon this is the busiest I've ever seen it."

Calls started ramping up late last year as higher interest rates started to bite.

To know more: https://www.abc.net.au/news/2024-07-08/spike-in-debt-hotline-calls-rate-hikes-financial-stress/104072104