a reply to: mungbean
Tragically your figures posted lend to a sorry state of affairs for this nation. I am saddened by this. Historically I believe that in simple terms
living off credit in the past lent itself to property and perhaps menial comforts only.
Now it seems a race to who can afford the best, good looking and most latest innovations as provided cheaply outside the Australian nation. And there
are those willing to indebt themselves to achieve this.
I admit I am, on an affordable basis, a willing partaker of paying for imported farm implements that I pay half the local cost for. Simply, a '50 ton
log splitter' (Diesel) and a '1.5 metre width roller flail mower" towed by an "ATV" all for less than $5K AU. Now, I looked around locally but
couldn't get the same equipment for under $15K AU new.
I am not in credit, I do not borrow and own everything. I basically paid cash.
2 aspects here.
I was not loyal to Aussie gear but if I was I'd be in debt.
I was lucky, I got out in 2013 with my super intact.
As an individual I do not pat myself on the back and am well aware of the global financial state.
I simply state, if you don't need certain comforts then do without. (Arthritis meant I could not split wood by hand anymore hence logsplitter) Save,
pay of debt and have the banks owe you. The freedom of having your own savings lends itself to being comfortable.
I have savings and am in the black but....very short. Budgetting fortnightly. Leastways I am not indebitted to anyone saving that of regulatory
state registrations, licencing and rates.
It is possible for individuals to get out of small debt and lengthy larger debt over time thus lowering the stats for Aussie owing as you alude to but
it's up to that person as an individual. Can't say the same for the high stakes bankers and investors which take up the burden of that
I fervently wish and pray that even a minority could focus on paying off some small debts, pay them off for sure, then save for furture purchases and
have the bargaining power for a small cash payment up front in a retail store rather than going into finance to offset a meager comfort warranting
another couple of years in credit.
I do not panic about the finances of other countries regardless of the effect here. I can't control it from my box wood rocking chair and laptop but
I can make sure I am still rocking and tapping while those financial freaks are stuffing merino wool in the rear of their trousers. Hang on...none of
those f's know what merino wool is let alone the Gov who bred the strain.
Getting off thread here. Cheers anyway,