Debt’s fall and rise

After the global financial crisis in 2007 and 2008, consumer debt dropped as people became more cautious and spent less.

In October 2008, households owed $14.3 billion in consumer debt.

By October 2012 that had dropped to $13.3b, edging up to $13.3b and $13.6b in the next two years.

It took a massive $1b jump to $14.6b in the 12 months to October 2014. Since then, personal debt has been growing by $500m to $600m a year.