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EVERY Victorian has responsibility for the huge state government debt, translating to about $10,000 per person. State Government Debt has rocketed by $4.4 billion over the past year, and now totals $56 billion. Auditor-General Des Pearson has warned the states ability to service that debt is diminishing. The Auditor-Generals report tabled in State Parliament yesterday, [...]
GENERATION X, being people aged between 30 and 50 are struggling with debts more than any other sector of the Australian population. In fact experts are believe that these people can well be renamed to Generation Debt. A new survey for bank RaboDirect found approximately 40 per cent of Gen X say their financial situation [...]
Credit ratings agency Standard Poor’s (SP) has today downgraded Italy’s sovereign debt by one notch to A from A+, and kept it on a negative outlook. The agency cited weak economic growth prospects, which may impact on the country’s ability to reduce its deficit. The Italian Senate recently passed a tough austerity budget, which proposes [...]
For most people, getting out of debt is their dream. And also their worst nightmare! Unfortunately, if all you do is dream, you’ll never get yourself out of debt. Life doesn’t work that way, unless you lucky enough to live like Major Nelson from the old “I Dream of Jeannie” TV series. There are many [...]
In the effort to avoid filing for bankruptcy many people resort to making an early withdrawal from their 401K plan to help pay off debt. However this may prove to be detrimental to long term retirement savings goals. To understand whether borrowing from your 401K can be potentially beneficial it is necessary to explore all [...]