The second part of 7.30’s economy series is about debt and how Australia’s become the world record holder.

Individually most of us owe a lot of money compared to what we earn, whether it’s stacked up on our credit cards or in our mortgages or other loans.

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In Australia, turning to credit has become a serious problem with this country now recording one of the worst levels of household debt in the world.

The Salvation Army reports that out-of-control credit card debt is the number one reason people show up asking for help.

Julia Holman reports that growing numbers of older Australians are affected and takes a closer look at the human cost.

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