Thursday, May 27, 2004

Till Debt Us Do Part

I watched an interesting documentary on Four Corners last Monday: "Till
Debt Us Do Part".  It examined the question:
  "Where will the credit binge end for the many thousands of Australians
   who now live in permanent and growing debt?"

If you missed it the ABC has archived material on its web site:

"We owe more than we earn. We borrow to buy, we borrow to invest. Our level
 of personal debt against income is now one of the highest in the world.
 It's so different from our parents' or grandparents' days when debt was a
 dirty word."


Includes the observation that:
"Consumption today consists of people spending money they don't have to buy
 goods that they don't want to impress people they don't like"

Which is a variation on:
"Some people are funny. They spend money they don't have on things they don't
 need to impress people they don't like"