Tuesday, June 12, 2007

The Credit Card Disease in Australia

(July 2007 Australian issue of Marie Claire, pg. 81 article: Are You In The Debt Set?)

This article addresses Australia's "spend now, pay later" culture, amongst young women in particular. I have always wondered how these young blonde things who cut my hair in salons thumb their noses at me for not using those salon products that cost around AUD50 per bottle when they earn a fraction of what I earn, spend all their money on rent, designer gear, partying..... read this article. There are women whose annual credit card bill totals up to 37k when they earn 40k per annum.

I know I'm considered an old fuddy duddy by their standards because I'm approaching my mid 30's, own property and other assets, etc.
The article also states that the national credit card debts total AUD39billion. That's a ridiculous amount. That amount should be sufficient to wipe off the national debt of a third world country.
From the get-go (from birth), we are all told that this is the lucky country, that everybody deserves the Australian Dream.

The Australian Dream is a wonderful thing. It should be something that we aspire to and strive for. I'm all for those values and ideals. BUT I don't agree with the people who walk around in denial in an illusion that they're living that dream that is beyond their means. Sydney is an expensive city- and it is NOT New York, and you're NOT Carrie Bradshaw. Wake up.