Most of us living in the western world don't like the use of overseas cheap labour, and worse, we don't like them coming to our shores and stealing our jobs. What's disturbing is that we are the cause.
Debt Consolidation And Credit The use of cheap overseas labour is not new, but in recent times, the importation of cheap labour onto our shores is becoming a fact too hard to bear. Just recently in Australia, a story was shown nation wide of how employers are now paying for companies to supply them with cheap labour from places like Southeast Asia.
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Check Credit Rating The argument put forward by the employers is that they are cheap, reliable, qualified, and most importantly, they want to work, and this is more than what can be said for Australians, especially the young.
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Improve Credit Rating On the other side of the coin, union bosses are crying foul because it is impossible for a qualified worker in Australia to compete with a similarly qualified worker from overseas, who is asking around 30 to 40% of the asking rate from Australians.
%ây English has also improved by playing British opponents. They get quite excited about trying to beat me, but they have to understand that Turks are the best backgammon players in the world!.% What seems to be %©lay money% for westerners is treated as an income opportunity in the East. With internet penetration increasing in these regions, a skill gaming revolution is on the cards. The big advantage for these overseas players is that they benefit from the low cost of living at home whilst earning a good income from the West.
Credit Online Rating Report But not once, throughout this whole story did any body try to expose the reason this explosion of cheap labour, whether it be in our own country or outsourcing, is occurring.
There are some good deals available though and the Council of Mortgage Lenders said this week that the payment shock for those coming off cheap fixed rates will not be as severe as many had expected. While the credit crunch has resulted in many lenders increasing their margins and becoming more cautious about who they will lend to, it has also brought some relief to borrowers. The Bank of England's decision to cut interest rates in December and earlier this month stemmed from concerns about the impact of the financial crisis on the economy.
Credit Score Rating Scale Let's compare a country like Australia or the US to a country like China, and the average families behaviour to work and money, and also their outlook in life.
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Bad Card Credit Credit People In Australia or the US, the average family is saving around 2% of their total household income. In China, the average family is saving around 40%. This is a massive difference, and the fact that the average worker in China is willing to work for around 5% of the income earned by someone in the US, it makes it even more difficult to swallow.
Free Credit Rating Report The Chinese also adopt an attitude of waiting for their spoils. Another words, unless they can pay cash for something, they will not attempt to purchase it. On the other hand, we in the western world want everything now and in most instances, not a second thought goes into the cost of these actions down the road.
Credit Rating Scale So what are these two distinct differences creating? Well, think about it! Because westerners want everything now, they need to use credit. This overuse of credit is causing massive personal debt, so is it any wonder our average savings rate is only 2%.
Bad Credit Rating The Chinese can save 40% of their income because they are prepared to wait for their luxuries, and they have no personal debt.
Credit Rating Agency So what has this got to do with cheap labour flooding our markets? It has plenty.
Credit Rating Canada If we weren't so far in debt, we could save more and live on less. If we can live on less, we don't need to earn as much. If we don't need to earn as much we can compete with overseas labour. But let me take this a little further, because I can hear a lot of you saying yeah but, just the removal of debt will still not compete with a market willing to work for 5% of the income over here - Yes it will!
Bad Credit Mortgage Rating You see, when you have a lot of consumer spending, whether it be on credit or not, it will always cause the price of materials to go up. The mere fact that a huge majority of consumer spending is done through credit, only serves to magnify this. In our impatience to keep up with the Jones's or our belief that it is our 'god given birth right' to own everything now, we have created a demand that is willing to pay plenty.
Good Credit Rating This demand or appetite for life's luxuries, and the credit used to pay for it, is causing a huge vacuum, and the only way to fill this vacuum is for wages to keep increasing at alarming rates to support it.
Credit Score Rating Chart The biggest problem is that throughout our entire lives, we are being told that it is good to want everything now, and that it is our right to have everything now, regardless of whether we can afford it or not.
Credit Mortgage Rating Poor I want to make this clear right now, that I don't blame people for the mess they are in, or for the huge increase in cheap overseas labour, I only blame the institutions who encourage the behaviour we see so evident in westerners. But what I will say is that before you go blaming overseas labour for stealing our jobs, maybe we should learn to take a leaf out of their book when it comes to the way we treat our finances and our appetite for life's luxuries.
Good Credit Rating Score Dean Whittingham the author of this article, is a Mortgage and Finance Coach and is and owner of www.TrideanDevelopments.com
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Bank Credit Rating Dean Whittingham is author and writer for his company Tridean Pty Ltd trading as www.TrideanDevelopments.com
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