One thing I have noticed on this website is that in Australia it is hard to be able to get any sort of credit unless you have a great income...if you don't work yu will never get a loan for a car/house or even a personal loan or CC....Our banks never offer any incentives to stay with them at all...so in a way I think it is a little easier to save and stay out of debt over here as we know we won't get all the credit you get in America....but in saying that it is so hard to save for a house over here as you need a minimum 3% so for a $300,000 home (which is a very basic home) you need $30,000 ($20,000 of which is fees) so that really sucks but I find it interesting the differences...what are your thoughts
Australia and savings
January 1st, 2019 at 11:42 pm
January 2nd, 2019 at 12:34 am 1546389293
January 2nd, 2019 at 12:44 am 1546389881
I think America is way too easy to get credit and simply put just like alcohol People need to KNOW their own true limit. And they DON"T.
I remember a time when ( I was a young child) that here too you needed a stellar income and history to get credit. My dad was so proud he qualified for a credit card. People lived more frugally and did not try to buy everything on credit.
The concept of easy credit was just to sell more and more whatever and frankly so many do NOT seem to care really if the bill gets paid or not. That is part of why we have so many bubbles ready to burst.
AFTER they sold all the homes to the people who could manage a mortgage they developed new DEALS with no down or smaller payment programs putting people unable to manage money in OVER their head. so lots of those home are foreclosed and then RESOLD.
January 2nd, 2019 at 03:07 am 1546398475
I think a better balance in both countries would be great...great to see others opinions as things that you talk about like 401ks etc we don't have here
January 2nd, 2019 at 05:56 am 1546408598
January 2nd, 2019 at 06:05 am 1546409141
January 2nd, 2019 at 06:19 am 1546409972
Homebody wish we could live rent free we would have 20% deposit in no time...that would be great
January 2nd, 2019 at 09:32 am 1546421577
January 3rd, 2019 at 12:12 am 1546474338
January 3rd, 2019 at 05:28 am 1546493299