Debt collection agency Baycorp says the average amount owed by baby boomers has grown by hundreds of dollars in one year.
The company says the increase comes at time when people are taking longer to repay what they owe.
Baycorp says the average amount owed by people across all age groups in the past financial year is $868. That figure is higher for those aged between 55 and 66 years.
The average debt for this group increased by $243 in 12 months to $1212.
Baycorp also says people of all ages are taking longer to repay their debts. Just 10% are clearing what they owe in one instalment, compared with 20% last year.
Despite the time taken, Baycorp says the number of people meeting their payments has grown by 6% to 43% in the last financial year.
