Economists predict the number of Australians likely to default on their home loans this year will increase because of rising interest rates, massive credit card debt and falling house prices.

Research by JP Morgan and Fujitsu Consulting quoted in Fairfax publications suggests 750,000 home owners will be hit by 'mortgage stress' in the coming months.

It is anticipated up to 300,000 of those will default on the loan and could have their homes repossessed.

Fujitsu Consulting spokesman Martin North says it is not just working class families who are finding it hard to make their mortgage repayments.

"It's spilled out into into the families of middle Australia, but also were seeing it beginning to emerge in some of the high net-worth groups as well," he said.

JP Morgan spokesman Brian Johnson says one of the factors driving the problem is massive credit card debt.

"The fact is, the average household in Australia [spends] over three months of its disposable income on credit card debt," he said.