This song is described in Paul Stenning's biography of the band as "a tale of struggle as a rock 'n' roller on welfare". Although the Young brothers came from a solid if not prosperous family, vocalist and lyricist Bon Scott had seen some hard times.

A detailed account of Bon's early career is given in Clinton Walker's dedicated biography, the aptly named Highway To Hell. Like most true Rock stars, Bon was not an overnight success. His first band, The Spektors, played the Perth circuit in 1965 merging with The Winztons the following year to form The Valentines. When the band moved to Melbourne they fell on hard times; in Sydney they were "strapped for cash, pooling funds to eat fish 'n' chips." The Valentines broke up in August 1970, and Bon was asked by Bruce Howe, the leader of Fraternity, to join his group, but even though the band had a wealthy backer, an Adelaide entrepreneur named Hamish Henry, they were to spend a disastrous 18 months in the UK before splitting up. On his return to Adelaide, Bon was involved in a horrific road crash that nearly cost him his life, and when he auditioned for AC/DC he was in the process of separating from his wife. For him if not for the Youngs, "Down Payment Blues" was a song that was clearly written from the heart. >>