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Credit binge sets new debt record!

Discussion in 'The Economy' started by Johny_come_lately, 29th Dec, 2009.

  1. Johny_come_lately

    Johny_come_lately Well-Known Member

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    In a new record Australians now owe more in household debt than the country's entire economy in a year.

    Reserve Bank figures show mortgages, credit card and personal loan debt now stand at $1.2 Trillion, up 71 per cent from just five years ago and equating to $56,000 for every man, woman and child. This means personal debt now totals 100.4 per cent of Australia's annual GDP.

    News LTD.
     
  2. NSWGuy

    NSWGuy New Member

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    That really is an shocking statistic!
     
  3. Johny_come_lately

    Johny_come_lately Well-Known Member

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    The problem with debt is, sooner or later you have to pay it off.:mad: Australians are not great savers.




    Johny.
     
    Last edited by a moderator: 14th Jan, 2010
  4. Chris C

    Chris C Well-Known Member

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    On the plus side our government is virtually debt free, unlike a lot of the other developed nations who also have personal debt levels in somewhat similar vascinities.
     
  5. Johny_come_lately

    Johny_come_lately Well-Known Member

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    I guess Australia has a lot going for it. There are a lot of other western nations who are doing it tough.

    When I was going to school the commonwealth bank came to class. We were all given a piggy bank(an elephant) and a bank account. We were taught about saving and interest. Nowadays kids get a credit card instead.

    Money management should return to the classroom. It's in our best interest.



    Johny.