Sunday, June 17, 2007
1990s all over again
Australians raiding super savings to pay debts
Tens of thousands of Australian families are raiding their superannuation savings to pay off personal debts. "These figures are more evidence that all is not rosy in the Australian economy. Interest rate increases and petrol prices are all taking their toll."The amount of money taken from superannuation accounts to pay off debt has quadrupled in five years -- going from A$35 million ($39.4 million) in 2001 to A$135.3 million last year, Australian media reported.
Posted by out of control speculators @ 11:50 PM (452 views)
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Retiredbanker` says:
The first cracks are now starting to appear in the World economic structure, soon they will gaping wide.
Most of the younger generation can kiss the idea of an affluent retirement goodbye.