Debt crisis

Australian debt crisis

For the first time Australian debt levels per person have surpassed American debt levels. Australian household debt, combined personal loans and home loans equals Australia's GDP. Gross Domestic Product (GDP) is defined as the total dollar value of all goods and services produced in a country in a specific period of time.

Is this a problem? Some financial analysts in Australia warn that we could follow recent American financial crisis. Australian Reserve Bank latest figures indicates that on average each adult in the country has a debt of $74,000.
This is a clear sign of financial stress for many Australian families. Many families need a large part of their income just to cover the interest repayments on their loans.

Australian Social Services report that a debt crisis is already there and it is growing. Number of families looking for help from Social Services is on the increase. Beside new families asking for help, many families are re-applying for assistance as they find it impossible to get out of debt cycle.

Social Services may be not able to cope with the surge in help enquiries in 2010. Perhaps, a good financial education available to everyone could alleviate debt crisis.
A number of families will look for debt consolidation, debt agreement or bankruptcy as their way out of financial problems.

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