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December 08, 2004
Bypassing the bank
We used to save it, now we spend it -- all of it, and when we've run out of the readies, we put ourselves in hock to our credit cards. Money -- we don't have enough of the stuff. Household debt is skyrocketing. The average household spends 2.3% more per week than it earns. And debt is diversifying -- there is home loan debt, second property debt, personal loan debt, HECS and credit card debts -- all at record levels. In 2002 the level of debt owed by Australian households represented almost 60 per cent of all economic activity in Australia. No wonder interest rates were the key issue in the election. Find out more at AMP/NatSEM's new report: Household debt : walking the tightrope at http://www.amp.com.au/group/3column/0,2449,CH5273%255FSI3,00.html. Posted by belinda at December 8, 2004 10:59 AMEmail this