debt to gdp ratios by country
How many Aussies are apart of this?
Aussies $1.2 trillion in debt
Sunday December 27, 2009, 2:05 pm
In a new record, Australians now owe more in household debt than the country’s entire economy earns in a year.
Reserve Bank figures show mortgage, credit card and personal loan debts 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 in the country, News Ltd says.
Our spending binge, fuelled most recently by the federal government’s First Home Owner Grant, means personal debt now totals 100.4 per cent of Australia’s annual GDP – one of the highest ratios in the developed world
I am so glad I am not one of these people who are apart of this debt, as I believe in saving for what I want and not use my credit card abusively.
I have no debt whatsoever. Even my house mortgage is done and dusted. I took charge of my own finances, and made it a challenge to get them under control. I don’t have a credit card any more, but use cash or my debit card instead.
Because I successfully did it myself, I believe everyone else could too, if they put their mind to it. I am now working on reducing my weekly grocery spend so I can save more for the future, in case there are uncertain days ahead.
