Less than average

It seems that I’m less than average.

I was reading this morning at News.com.au that, “The average Australian owes almost $2600 on their credit card.” Thankfully my credit card debt isn’t quite that large.

The Australian Securities and Investments Commission is warning us to keep a greater watch on our personal savings with the concern that we’re taking on too much without knowing the risks of our borrowing.

It seems that Australians have one of the highest debt levels in the world, particularly for housing. When I look at the rising house prices I’m not surprised. I’m glad that we got into the market when we did. We still have a significant mortgage but I know for sure that we just couldn’t afford to buy a home if we started now. I’m amazed at the size of the home loans that many people are struggling to pay off. I really feel for people who are battling with that kind of debt.

If being an average Aussie means having a credit card debt heading towards $3000 and a home loan of over $200 000, I’m glad to be less than average.

Posted by Rodney Olsen

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About the author

Rodney Olsen

Rodney is a husband, father, cyclist, blogger and podcaster from Perth Western Australia.

He has worked in radio at Perth's media ministry Sonshine for over 25 years and has previously worked at ministries such as Compassion Australia and Bible Society.

The views he expresses here are his own.

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