As a Queenslander I reckon I've seen $100K in 'equity' wiped off my house value in 2 years ($500K to $400K by guesstimation).
I've got a small mortgage and no other debt but you don't have to venture out very far to see $50K vehicles (on dead money repayment schemes) in driveways and Hardly Normal staying alive on don't pay till 2013.
On the Housing millstone $100k loss in two years is only $136 A DAY wiped off the asset sheet.
Throw in a big loan, say $350K and you pay $40 a day extra for the privilege of paying a bank [to stay in the house] as opposed to a landlord [to stay in the house] for your bragging rights.
The SUV is $40 a day for a depreciating
Total? $216 A DAY to live the dream!
And THEN we get to the Credit Card and Hardly Normal's letter saying it pay up time from 2008's crap purchases. Rates? Insurance on SUV and the financial millstone with a gabled roof, 4 beds and 2 baths? Rego? Electricity?
HELP! HELP! JOOOOOOOLIA SAVE ME!