Clinton is joined by ASIC’s financial regulator Alan Kirkland, who highlights the significant strain on Australian households due to debt repayments.

A recent Moneysmart survey of 1,000 people found that nearly 50% of Australians with debt struggled to make repayments in the last year.

Additionally, almost a third of respondents preferred selling assets or getting a second job over seeking hardship assistance from their lender.

Kirkland emphasises the importance of understanding the available system for reporting financial hardship, noting that lenders are legally obligated to respond to customers in such situations.

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