Save for some Scandinavian countries, Australia is the undisputed ‘King of Debt.’
We just can’t seem to get enough of the stuff.
As a people, Australians almost have the largest amount of personal debt (per person, on average) in the entire developed world. Wages growth is flat and we’re hell-bent on purchasing homes we can’t afford. Add to that credit cards and overdue bills and you’ve got one big debt-a-palooza.
And the fun doesn’t end there. It seems that us Aussies took the lead from the example set by our own government.
There’s a website you probably haven’t heard of. It’s called The Australian Debt Clock.
Seriously, check it out right now. We’ll wait.
If you’re first reaction from seeing those numbers hasn’t been ‘Woah,’ then all of us here at Late Payer List will eat our collective hats. Check out those numbers simply spiraling skywards with no sign of stopping. It is mind blowing. Let it sink in. The Australian Debt Clock shows the gravity of a debt situation and what it can become if it isn’t kept in check, just like households around the country are experiencing right now.
So, what can we learn from the current situation that has befallen our debt-happy, wide, brown land?
To the business owners reading this, think of yourself as the banks that are lending all that money to Australia.
You know Australia – they’re a good guy, pretty laid back, enjoys a drink, can spin a yarn. A few years back they asked you for a bit of cash. They were in a bit of a bind. Out of the goodness of your heart you agreed. Now, you’re kind of wondering, ‘Are they going to pay me back?’
You’re pretty sure that Australia is good for the Trillion dollars you’ve lent them. And the interest on top of that. And the fact that it’s only continuing to grow. At an astronomical rate.
Yeah, they’re good for it, right?
If The Australian Debt Clock isn’t a sign of the problem that unchecked debt can be, then we don’t know what is.
Australia’s current situation could be your business. Every dollar that you keep unchecked, in your good graces, is tantamount to one of those shown on The Australian Debt Clock. Unpaid invoices are one of those things that can simply spiral out of control. As one of our previous posts mentions, on average, small to medium business owners are waiting on in excess of nearly $40,000 in overdue invoices.
This should be springing you into action right now. Think of the customers that haven’t paid you for your hard work despite you chasing them time after time. Take the power back.
Doing something about unpaid debt is the first step.