Paying off credit card better than $10,000 payrise

Michael says:

10:41am | 04/06/09

Great piece Rebecca, and very interesting findings.

Can I be the first to predict that Australia will record flat or negative growth in the next quarterly GDP figures?

I don’t think we’re out of the woods yet.

zebadiah81 says:

12:55pm | 04/06/09

I’m sorry Rebecca, but the majority of people have no idea about fiscal policy and economic theory, and the GIGO (garbage in, garbage out) principal definitely holds true.

Most people buy a house with massive loan, paid off over many years, and think that this is a completely reasonable means to an end, but then they express concern when doing the same thing to avoid an economic depression or recession.

Whether people use the money to free up their credit card debt (thereby reducing interest, and increasing disposable income), or to buy a new TV (or whatever), the injection of capital back into the economy will ultimately reduce the time required to pay it back.

If the government had ignored the current situation and delivered a budget that did not have a deficit, or a much smaller deficit, the impact on every-day Australians would be much worse than it has been, raising unemployment, increasing welfare payments, leading to future budgets that would require an even larger deficit to counter these effects, with even less tax being collected to repay said deficit, a spiral that would be harder and harder to get out of.

Malcolm Turnbull (who is actually pretty good at making money) should know better, and his response to the budget was entirely politically motivated, and not in the interest of the future of Australia.  But in times of crisis (and we must all believe that this is one), we don’t need mud-slinging accusations about the words used to describe the deficit, we need bi-partisan support of the tough measures required to deal with the situation.

Aaron says:

10:44pm | 08/06/09

People chose clearing credit card debts over a $10k pay kick?

Do people really have either no idea about their personal finance or do they have $50k credit card debts?

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