An uber-relaxed attitude, slack lending regulation and low financial literacy have caused Australians to become ‘addicted to debt’. So how and exactly why do Australians fall deep into debt? And how does this affect not only their mental health, but their relationships with banks?

For many Australians, Christmas can take a big toll on people’s finances. A survey has found on average, people will spend $1,325 during the festive period, with a large proportion being spent on gifts for others. This is leading some to get creative financially throughout the rest of the year.

As Australia’s Boomers struggle to keep their personal finances afloat, they’re treating the nation’s broader economic growth with suspicion. With greater disparity between individual and national finances, Aussies are wanting brands to put the individual before their own profit margins.

Frustrated by their rising personal debt, ‘spending fasters’ are looking to regain control of their finances by cutting all non-essential purchases for up to a year. How do the women who take this challenge cope without life’s little luxuries? And is this method of saving effective in the long-run?