Copyright news
Britt Bevan took to social media to explain that she was studying full-time and working part-time in retail when she desperately wanted a pricey outfit. It was over a decade ago now, and at the time she was getting three-hour shifts working in retail around twice a week at age 18-19. “I am going to tell you about the time that I took out a $12,000 loan to buy an outfit for a festival,” she said. “I didn’t have that much cash flow coming through, but I had Groovin the Moo coming up”, she said. Groovin The Moo was an annual festival that began in 2005, primarily held in regional areas of Australia, and was cancelled in 2024. Ms Bevan, now 31, was very excited about going to the festival, and she wanted to look her very best. “I saw this outfit on Spell Design that I really wanted to wear to this festival, and if you know Spell Design, they’re not cheap and their pieces are pricey,” she said. “So what did I do? I applied for a loan, and that loan had 12 per cent interest, and I got approved.” Spell Design is a well-known bohemian designer brand in Byron Bay, where a dress can set you back at least $200. Ms Bevan said looking back on her decision, it was one she made without much financial foresight. “Obviously, my frontal lobe hadn’t developed yet, and I am just terrible with maths in general.” She said. The 31-year-old said that when she found out she’d be paying 12 per cent interest, she just said “whatever cool” and figured she’d worry about it later. “Anyway I bought my outfit, I went to Groovin the Moo, and had a great time,” she said. “Then I just had like a $12k loan and I bought like a second-hand Holden Barina.” The 31-year-old stressed that even though she ended up with a car, the reason she got into debt was for clothes. “Legitimately got a loan for an outfit then bought the car nine months later,” she siad. Ms Bevan’s loan story might be chalked up to being young, but more Aussies are getting into debt for more frivolous reasons than you think. Financial comparison website Finder found that one in eight Aussies have gone into debt or spent more than they could afford because of pressure to keep up with friends and family. The survey found that 30 per cent of Aussies have felt pressured to make a purchase to match someone else’s lifestyle. Meanwhile, 15 per cent have gone into debt or spent more than they could afford to keep up with others, and the average Aussie has spent over $1309 beyond their means in the past 12 months. Finder has also found that over 50 per cent of Aussies have a credit card, and 14 per cent have a personal loan. Meanwhile the financial comparison website Canstar found in 2024 that the average amount of personal debt held by Australians was $15,000. Younger Australians have, on average, higher levels of debt: 45 per cent of Gen Z admit they have personal debt of approximately $23,888. Meanwhile 38 per cent of Millennials admit they have personal debt of roughly $18,135. Baby Boomers have the least personal debt with only 27 per cent carrying debt at an average of $7173. Even more revealing of Australia’s debt mindset is the response to Ms Bevan’s video, which was mostly just amusement. “Iconic behaviour. I respect it,” one praised. “I didn’t pay attention to interest rates until about my 4th loan. So you are not alone,” another revealed. “Need to see this outfit,” one demanded. “God they used to give us loans like it was going out of fashion back then,” someone else pointed out.
