Recent research conducted suggests that Aussies are increasingly anxious about personal debt and are trying to save more for a rainy day. Figures show Australians are making larger repayments on their credit cards to reduce the balance. More people are making inquiries about Debt Consolidation to cut their debts and reduce monthly repayments.

Research conducted by News poll shows almost a quarter of adult Australians believe their financial situation has worsened during the last 6 months. These findings come after two increases in official interest rates so far this year, with a third expected after the next Reserve Bank board meeting on Melbourne Cup day.

Majority of those surveyed believed household debt was a significant problem for Australia. Research conducted by the Commonwealth Bank has found most consumers are trying to save more, and almost half think their financial situation will become more challenging in the near future. This is despite unemployment in Australia being at a 30-year low.

While we have seen recent falls in the price of petrol, the long term damage has already been done as is reflected in the increased prices for everyday essentials such as fresh fruit and vegetables. Research by the CBA shows most people want to cut back on luxury items in order to save more and increase their financial security. Just over 35 per cent said they were simply "managing to make ends meet", up from 32.4 per cent in that category during the previous quarter.