Avoid BankruptcyWritten by Medha Roy
The first but definitely not easiest thought that comes to most people when they are neck-deep in debt is to file bankruptcy. Filing bankruptcy seems to be last straw left in deluge of unpaid bills and abusive creditor calls. The situation is somewhat like this. You buy whatever catches your fancy and you thank yourself you had blessed credit cards. It's good as long as you are spending.
When it's paytime, you realize your misdoing. Abusive creditor calls may be robbing you of your sleep. Things may go so wrong that being repentant also does not help. What do you do? File bankruptcy. Stop. There are better and realistic ways of fighting debts. Avoid bankruptcy by all means. There have been millions who have filed bankruptcy in US of A last year! What causes this decision? And how can you avoid such a disastrous situation?
Credit cards should be given lion's share of blame behind such reckless spending. Credit card agencies will tell you it's you who should know how to use your cards. Anyway, let's take a situation where you have incurred a lot of debts and you don't know where to run. You have curtailed all your expenses, you take a bus to office, your wife does same and your children take school bus. Your car is a toy in garage. You have stopped entertaining friends and have stopped going over to them. When you see, even after a month, you are exactly where you started off, you know it's time to take some extreme measures.
Debt consolidation with debt management and debt relief programs are best refuge for you. Contact a reliable debt consolidation firm and tell them your plight. You will literally feel weight being taken off your shoulders. These financial experts take over completely. First, they call your creditors and stop them from calling you. If you have multiple debts, they squeeze all your debts into one and make your payments much simpler.
Introduction to Australian SuperannuationWritten by Jonathan Bailey
Australians, in general, constitute some of worst savers in world. Current estimates suggest that, on average, Australians save just 4% of their income. This is less than half of 11% estimate for Australians in late 1970s.
In past, pensions from taxpayers were used to provide pensions for senior citizens upon their retirement. However, because of increased life expectancy of Australians coupled with decrease in average number of children per household, use of pensions, if persisted with, will put a significant strain on Federal Budget.
As a result, concept of superannuation was introduced whereby employers are obligated via superannuation guarantee to contribute at least 9% of an employee's wage to a superannuation fund which must be preserved until employee has reached retirement before it can be accessed.
The advantage of making contributions to superannuation are that it introduces a form of forced savings for Australians into a fund which will hopefully invest money into appropriate assets for increasing its value over long term.
As an added incentive, contributions to superannuation are only taxed at an marginal rate of just 15%. For most income earners in Australia, this will be more attractive than usually high tax rate that they would be subjected to if their money was not put into superannuation.