Recent research by the Australia Institute reveals the extent of community mistrust of the financial sector. Indeed, a large majority of adult Australians hold banks and other financial institutions responsible for the current debt crisis. Although many people believe that personal responsibility in financial decision making is important, there is broad consensus that the banking sector has lost the element of social responsibility that tempered lending practices in the past. Around three in four respondents to a nationwide survey agreed that "banks are too willing to lend money to people who can't afford the repayments".
There have been 12 successive years of interest rate rises, and a 12.5% rise from 2007-2008 in debt to banks, valued at $762b. This is practically bad with 18-27 years old that take out 1/3 of credit cards and account for 1/3 defaults. As private debt is now 156% of GDP majority of people believe that banks allowed and try to get people to take out loans they cannot pay back.