Comments on: Australians Follow US Lead in Taking on More Credit Card Debt http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/ An independent perspective on the Australian and global investment markets Sat, 21 Nov 2009 17:27:32 -0600 http://wordpress.org/?v=2.8 hourly 1 By: barry broome http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/comment-page-1/#comment-4754 barry broome Sat, 17 Nov 2007 15:26:36 +0000 http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/#comment-4754 I live in U.S. and this economy is a mess. Sure unemployment is low and companies are doing good. BUT, the national debt has at least doubled during the BUSH reign and credit card debt hit 915 billion currently. The only way to pay off all of this (Federal and Personal) is for people to live BELOW their means for at least 5 years - so a recession and or depression is INEVITABLE - just imagine if we would have lived WITHIN our means. I'm trying to pay off ALL of my debts as fast as possible but i'm afraid it won't be fast enough - Truly concerned in Mississippi - thanks for article..... I live in U.S. and this economy is a mess. Sure unemployment is low and companies are doing good. BUT, the national debt has at least doubled during the BUSH reign and credit card debt hit 915 billion currently. The only way to pay off all of this (Federal and Personal) is for people to live BELOW their means for at least 5 years - so a recession and or depression is INEVITABLE - just imagine if we would have lived WITHIN our means. I'm trying to pay off ALL of my debts as fast as possible but i'm afraid it won't be fast enough - Truly concerned in Mississippi - thanks for article.....

]]> By: Karl http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/comment-page-1/#comment-4636 Karl Tue, 13 Nov 2007 21:20:39 +0000 http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/#comment-4636 As a young boy my father had loads of advice for me. He was not what you would call an extremely intelligent man, but one thing he did teach me was to make sure that my income was greater than my expenditure. As you say, its a revolutionary idea. 30 years on, and I still make sure my income is greater than my expenditure, even when servicing debt. It's not hard. It's a wonder why so many people can't seem to. As a young boy my father had loads of advice for me. He was not what you would call an extremely intelligent man, but one thing he did teach me was to make sure that my income was greater than my expenditure. As you say, its a revolutionary idea.

30 years on, and I still make sure my income is greater than my expenditure, even when servicing debt. It's not hard. It's a wonder why so many people can't seem to.

]]> By: Shawn Jewell http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/comment-page-1/#comment-4607 Shawn Jewell Tue, 13 Nov 2007 05:12:10 +0000 http://www.dailyreckoning.com.au/credit-card-debt-2/2007/11/13/#comment-4607 Hi DR Team It seems both sides of politics are trying to make it possible for more young people to get into the home "ownership" market. The Housing Industry associations applauded the move as I heard on the ABC News radio last night (as they would), but luckily Steve Keen was interviewed too and he said that both strategies would only add more petrol to the debt fuelled crisis (aka Housing Boom) and besides with our addiction to debt for 40yrs now, house prices can't really go much higher as people are running out of cash to pay for the huge mortgages now required. I think Steve sounds very sensible about debt (as do you guys) and his graphs (via website) suggest we heading to the same crisis as the US is in. Thanks for your DR stories I really have enjoyed them and the books by Bill since I came across them this year. Regards Shawn Hi DR Team
It seems both sides of politics are trying to make it possible for more young people to get into the home "ownership" market. The Housing Industry associations applauded the move as I heard on the ABC News radio last night (as they would), but luckily Steve Keen was interviewed too and he said that both strategies would only add more petrol to the debt fuelled crisis (aka Housing Boom) and besides with our addiction to debt for 40yrs now, house prices can't really go much higher as people are running out of cash to pay for the huge mortgages now required. I think Steve sounds very sensible about debt (as do you guys) and his graphs (via website) suggest we heading to the same crisis as the US is in.
Thanks for your DR stories I really have enjoyed them and the books by Bill since I came across them this year.
Regards
Shawn

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