Australia - The Final Straw on DebtPosted by Paul Huang on February 26th, 2021 On the 27th of Dec. 2009 Australians were in 1.2 trillion dollars of debt. This is bank cards, loans and mortgages. Website works out to become ,000 for every single man, woman and child. But more alarming than this figure could be the statistic that it's up 71 percent from 5 years ago. 71 percent is not any small figure. This is a huge percentage increase. Let's perform he said . So if it really is up 71 percent from a few years ago simply what does this suggest? Well by my calculations, in Dec. 04 like a nation, we owed ,000 per every man, woman and child. This has climbed by about 11.2% every year, every year since then. On average our debt has gone up by 11.2%. This is not a small percentage; this can be a huge percentage. Especially, home loan brokers melbourne that many people are only getting a 3% to 4% pay rise each year. Did you understand at 11.2% our debt doubles every 6 many a few months. If it keeps going in this way we'll be at 5,880 by Dec. 31st 2015... Only six years away. Our debt is now over completely in our annual Gross Domestic Product. That means in the event you took every dollar used on everything for the entire year in Australia on EVERYTHING. Our debt is in addition to that amount! So regardless of whether everybody in Australia lived on nothing for any year and used the whole money to pay back debt we'd just repay in a year. Are we likely to contain the straw that breaks the camels' back? Will there be a turning point with this debt or can it always be hurdling towards higher and higher debts in a decade time. Let others increase the debt statistics. Let other people pay interest on his or her debt. Let people take out loans for holidays and TVs. Don't participate this statistic any more. Help reduce your financial troubles to well below the Australian average. Get gone your bank cards. Pay back your unsecured loans. Pay just as much off your mortgage as is possible. Quietly and quickly reduce the debt. And do it NOW! Some might describe this sort of debt being a house of cards. Don't let your house collapse along with you being one of many cards. If you get rid of the debt you should ride out the crash much simpler if this does come.Like it? Share it! More by this author |