If you feel like you are sinking deeper into bad debt, the first thing you probably need to do is stop spending on credit.   ;)

If taking the scissors to your credit card is too final for you just yet, then at least remove it from your wallet, put it in a cup of water and freeze it. That way, it is not easily accessible and will save you from temptation.

Credit card use is actually growing at its slowest pace in more than a year but the average credit card balance in December 2010 was still $3314.   :(

If you feel you have a big problem, are being chased by creditors or are considering a debt agreement, then you need to seek help from a financial counselling service through various agencies, which range from Relationships Australia to Lifeline.


Most Australians are spending beyond their means.   :(

Everyone has probably heard of the terms good debt, which is tax-deductible debt for investing, and bad debt, non-deductible and usually with the highest interest rate. This is typically a credit card debt or store credit and where all your spare cash flow needs to be directed.

AMP financial planner Tony Rigby says there are three different types of debt bad debt, necessary debt and good debt and they should be paid off in that order.

Necessary debt is a home loan, while good debt is tax-deductible and includes loans for income-producing investments such as real estate or shares, he says.

Pay off bad debt such as credit cards first, as they usually have the highest interest rates. If left to spiral out of control, they can cost a person thousands of dollars in interest over many years.

Once bad debts are under control, a person can proceed to target other debts such as car and home loans, saving even more in interest.

Police Credit Union's executive manager of product and marketing, Paul Modra, says the sad fact is debt can overtake many people's lives and cause despair and unmanageable stress.   :(

Mr Modra says with credit cards drawn to their limit, personal loan repayments plus living expenses, debt can put pressure on relationships and your sense of wellbeing.

"Parting with cash is visible but the impact of using a credit card is not as obvious until the statement arrives, which consumers need to constantly have in mind if they want to get on top of their debt."

CONSOLIDATE DEBTS

If you have several cards maxed out, consider rolling all the debt in to one low interest-bearing card or loan to save interest.

Once you have done that, remember you still need to make more than the minimum payments each month to make any inroads.

Mr Modra says consolidating debts only works if the new loan makes your monthly repayments lower than your existing debt.

"One loan may also help you to be disciplined about making regular, affordable repayments," he says."Consolidation doesn't work for everyone.

"Be certain that the repayments of the debt consolidation loan are manageable and be prepared to cut up your credit cards."

Mr Rigby says once your credit cards are under control, the next type of debt you should target is car loans or any personal loans.

As with credit cards, you can reduce your interest costs on these types of loans by making extra payments.

"Car loans can have an interest rate as high as 12 per cent, while personal loans usually have an interest rate of around 14 per cent as they're unsecured. Making extra payments is not always advised for fixed rate loans, as penalties may apply," he says.

NECESSARY DEBT

Mr Rigby says as the interest rates on home loans are much lower than other loans, this type of debt should only be targeted more aggressively after your credit card.

"The most effective way to save interest on your home loan is to make extra repayments each month. Making payments fortnightly instead of monthly can also reduce interest," he says.

By increasing your repayment just $200 to $2368 a month on a $300,000 loan, with a 7.25 per cent interest rate, you'll save about $80,600 in interest and have your loan paid off in 20 years instead of 25 years.

Graham Couper-Smith, author of Pay Off Your Mortgage Fast and principal consultant at Manage Your Finance, says getting rid of your home loan altogether requires discipline and a plan.

"Getting rid of your home loan in just a few years gives you your life back, in terms of the choices you have," he says.

"There is no free lunch, a serious effort is required but for most people, getting rid of the home loan within five years is a realistic goal."

DEBT AGREEMENTS

Prushka Fast Debt Recovery chief executive Roger Mendelson warns consumers to avoid advertisements for "debt agreements" by businesses claiming to help you get rid of your debts.

"Now is always the tightest time for budgets, coming on top of the Christmas credit card blow-out and the usually un-budgeted back-to-school expenses, followed by rates notices," he says.

Most Australians are spending beyond their means.  Credit card use is actually growing at its slowest pace in more than a year, but the average credit card balance in December 2010 was still $3,314.    :(

The debt crises is a government failure in abrogating its legal responsibilities to protect Australias financial interests.  Blame the government and an engineered credit crises. :)

Its time to reign in the activities of the banks.

What ever happened to personal responsible financial management

Also what ever happened to responsible lending habits?.  Would you like  to increase your credit limit?.  Go on Mr Smith, you can do it have another $1000.  Then again no Mr Smith, why not have another $2000.  :(  

wrote on Mar 16^th, 2011 at 1:46pm:

Also what ever happened to responsible lending habits?.  Would you like  to increase your credit limit?.  Go on Mr Smith, you can do it have another $1000.  Then again no Mr Smith, why not have another $2000.  :(

So its the banks fault.

Come off it.  Take responsibility for your own future and put a blade through the cards for christs sakes.

If you cant control your own money how can you expect others to do it for you?

Maybe if people were more worried about the financial health and less worried about their social status they wouldnt be in this problem.

It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)  

wrote on Mar 16^th, 2011 at 1:56pm:

It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)

No it shouldnt.

Im tired of people blaming everyone else for their problems.

How about they pull their heads in and stop spending like a Labor Pollie and start living within their means.

They are credit cards, their interest rates are well known but that handbag seems far more important to some people.

Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault."

I don't have a credit-card.

I don't WANT one, either.

Never have.

And it's STILL a struggle to make ends meet.

wrote on Mar 16^th, 2011 at 1:46pm:

Also what ever happened to responsible lending habits?.  Would you like  to increase your credit limit?.  Go on Mr Smith, you can do it have another $1000.  Then again no Mr Smith, why not have another $2000.  :(

You can throw their offer in the bin if you like, nothing forces you to take them up on it.  
Further, nothing is forcing you to spend right upto that limit either.

wrote on Mar 16^th, 2011 at 1:56pm:

It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)

What unemployed people should do is get as many credit cards as they are offered and buy all of the stuff that they could not normally afford to buy and then enjoy it until the sheriffs come around and get it back off them. That's what you call responsible lending. Buy now, never ever pay later :D LOL

Verge wrote on Mar 16^th, 2011 at 2:01pm:

wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault."

I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!!

Buy now, never ever pay later !!! :D LOL

Sir lastnail wrote on Mar 16^th, 2011 at 2:32pm:

Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL

Oh look at the river rising, it must be nail crying again.

Verge wrote on Mar 16^th, 2011 at 2:35pm:

Sir lastnail wrote on Mar 16th, 2011 at 2:32pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL Oh look at the river rising, it must be nail crying again.

Well your crooked trady mates are not doing it tough are they. They wouldn't need credit cards would they ;)

Who are they ripping off today ?? Is it the tax payer or some old pensioner ??

Sir lastnail wrote on Mar 16^th, 2011 at 2:49pm:

Verge wrote on Mar 16th, 2011 at 2:35pm: Sir lastnail wrote on Mar 16th, 2011 at 2:32pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL Oh look at the river rising, it must be nail crying again. Well your crooked trady mates are not doing it tough are they. They wouldn't need credit cards would they ;) Who are they ripping off today ?? Is it the tax payer or some old pensioner ??

While the international businessman nail lives in a rented house, with a rented premises and makes 1/2 of jack all but it doesnt matter because he has no one to leave it too anyway.

Verge wrote on Mar 16^th, 2011 at 3:01pm:

While the international businessman nail lives in a rented house, with a rented premises and makes 1/2 of jack all but it doesnt matter because he has no one to leave it too anyway.

BUY NOW NEVER EVER PAY LATER !!! :D LOL

Invest in Gerry Harvey's company because he can import and sell chinese made goods better than anyone else ;) LOL

http://www.youtube.com/watch?v=eCmx8wlhB1M

A smart man (ie ME) would put everything on credit and pay it off in full each month.  That way, he doesn't pay a penny in interest, and racks up frequent flyer points to boot.

I got a trip to Fiji later this year, funded entirely by frequent flyer points which have accumlated over only about 2 years.  

Of course, a degree of self control and financial management is required, so this puts it out of reach of many.

... wrote on Mar 16^th, 2011 at 3:31pm:

A smart man (ie ME) would put everything on credit and pay it off in full each month.  That way, he doesn't pay a penny in interest, and racks up frequent flyer points to boot. I got a trip to Fiji later this year, funded entirely by frequent flyer points which have accumlated over only about 2 years.   Of course, a degree of self control and financial management is required, so this puts it out of reach of many.

I suggested a better idea for unemployed people to get as many credit cards as they can and buy as much as they can and then not pay it off ;) What's the worst that can happen to some one on the dole ? :) LOL

Sir lastnail wrote on Mar 16^th, 2011 at 3:37pm:

... wrote on Mar 16th, 2011 at 3:31pm: A smart man (ie ME) would put everything on credit and pay it off in full each month.  That way, he doesn't pay a penny in interest, and racks up frequent flyer points to boot. I got a trip to Fiji later this year, funded entirely by frequent flyer points which have accumlated over only about 2 years.   Of course, a degree of self control and financial management is required, so this puts it out of reach of many. I suggested a better idea for unemployed people to get as many credit cards as they can and buy as much as they can and then not pay it off ;) What's the worst that can happen to some one on the dole ? :) LOL

Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.

Kat wrote on Mar 16^th, 2011 at 2:04pm:

I don't have a credit-card. I don't WANT one, either.Never have. And it's STILL a struggle to make ends meet.

I have a 'credit card'...well technically a debit/credit card....so the only 'credit' is the money I put on it...I use it for internet purchases...

Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.                They would be far better giving the unemployed, a fair and just increase in their benefits.    ;)

... wrote on Mar 16^th, 2011 at 3:41pm:

Sir lastnail wrote on Mar 16th, 2011 at 3:37pm: ... wrote on Mar 16th, 2011 at 3:31pm: A smart man (ie ME) would put everything on credit and pay it off in full each month.  That way, he doesn't pay a penny in interest, and racks up frequent flyer points to boot. I got a trip to Fiji later this year, funded entirely by frequent flyer points which have accumlated over only about 2 years.   Of course, a degree of self control and financial management is required, so this puts it out of reach of many. I suggested a better idea for unemployed people to get as many credit cards as they can and buy as much as they can and then not pay it off ;) What's the worst that can happen to some one on the dole ? :) LOL Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.

Why would they go to prison ?? The banks offered them credit cards and they racked up a whole lot of debt that they couldn't afford to pay back. The sheriffs would probably go around and repossess the gear and no laws would have been broken. It's just a civil matter and is the fault of the credit company for offering credit to people who don't have the ability to service the loan.

That's what I have, Gizmo.

That way, I can't spend what I haven't got.

Sir lastnail wrote on Mar 16^th, 2011 at 3:46pm:

... wrote on Mar 16th, 2011 at 3:41pm: Sir lastnail wrote on Mar 16th, 2011 at 3:37pm: ... wrote on Mar 16th, 2011 at 3:31pm: A smart man (ie ME) would put everything on credit and pay it off in full each month.  That way, he doesn't pay a penny in interest, and racks up frequent flyer points to boot. I got a trip to Fiji later this year, funded entirely by frequent flyer points which have accumlated over only about 2 years.   Of course, a degree of self control and financial management is required, so this puts it out of reach of many. I suggested a better idea for unemployed people to get as many credit cards as they can and buy as much as they can and then not pay it off ;) What's the worst that can happen to some one on the dole ? :) LOL Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home. Why would they go to prison ?? The banks offered them credit cards and they racked up a whole lot of debt that they couldn't afford to pay back. The sheriffs would probably go around and repossess the gear and no laws would have been broken. It's just a civil matter and is the fault of the credit company for offering credit to people who don't have the ability to service the loan.

http://i277.photobucket.com/albums/kk47/humblegenius_fp/Jokes/Homerdisgust.jpg

wrote on Mar 16^th, 2011 at 3:46pm:

Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.                They would be far better giving the unemployed, a fair and just increase in their benefits.    ;)

Don't worry. If the banks are stupid enough to hand out credit cards to anyone then just get as many as you can and spend up big. Even better why not go down to the casino and risk it all and see if you can double it. What's the worst that can happen if you lose it all at the casino ? What are the banks going to do to some unemployed person who lost it all down ast the casino ;) LOL

Sir lastnail wrote on Mar 16^th, 2011 at 4:33pm:

wrote on Mar 16th, 2011 at 3:46pm: Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.                They would be far better giving the unemployed, a fair and just increase in their benefits.    ;) Don't worry. If the banks are stupid enough to hand out credit cards to anyone then just get as many as you can and spend up big. Even better why not go down to the casino and risk it all and see if you can double it. What's the worst that can happen if you lose it all at the casino ? What are the banks going to do to some unemployed person who lost it all down ast the casino ;) LOL

I already told you - they will send you to the clink.

If you still think it's a great, foolproof plan, go try it and let me know how it goes.

... wrote on Mar 16^th, 2011 at 4:35pm:

Sir lastnail wrote on Mar 16th, 2011 at 4:33pm: wrote on Mar 16th, 2011 at 3:46pm: Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.                They would be far better giving the unemployed, a fair and just increase in their benefits.    ;) Don't worry. If the banks are stupid enough to hand out credit cards to anyone then just get as many as you can and spend up big. Even better why not go down to the casino and risk it all and see if you can double it. What's the worst that can happen if you lose it all at the casino ? What are the banks going to do to some unemployed person who lost it all down ast the casino ;) LOL I already told you - they will send you to the clink. If you still think it's a great, foolproof plan, go try it and let me know how it goes.

how can they when it is just a civil matter ?? If the banks are stupid enough to issue credit cards to people on the dole then they deserve to get ripped off !!

Sir lastnail wrote on Mar 16^th, 2011 at 4:44pm:

... wrote on Mar 16th, 2011 at 4:35pm: Sir lastnail wrote on Mar 16th, 2011 at 4:33pm: wrote on Mar 16th, 2011 at 3:46pm: Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.                They would be far better giving the unemployed, a fair and just increase in their benefits.    ;) Don't worry. If the banks are stupid enough to hand out credit cards to anyone then just get as many as you can and spend up big. Even better why not go down to the casino and risk it all and see if you can double it. What's the worst that can happen if you lose it all at the casino ? What are the banks going to do to some unemployed person who lost it all down ast the casino ;) LOL I already told you - they will send you to the clink. If you still think it's a great, foolproof plan, go try it and let me know how it goes. how can they when it is just a civil matter ?? If the bank is stupid enough to issue credit cards to people on the dole then they deserve to get ripped off !!

because they've got the money, so they make the rules.  

Verge wrote on Mar 16^th, 2011 at 2:01pm:

wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault."

Yes, it should!

Amongst the reasons, for the current GFC, is the housing collapse in the USA and one of the reasons for that collapse was that US financial institutions were allowed to do some totally unethical things, which were aided & abetted by changes in the US regulatory system.

In Australia, in days gone by, you had to prove you could afford your Credit Crad limit/payments, now you are bombarded with requests to increase your limits, without the card provider having any knowledge of your financial position.

It is purely a numbers game!

... wrote on Mar 16^th, 2011 at 4:46pm:

Sir lastnail wrote on Mar 16th, 2011 at 4:44pm: ... wrote on Mar 16th, 2011 at 4:35pm: Sir lastnail wrote on Mar 16th, 2011 at 4:33pm: wrote on Mar 16th, 2011 at 3:46pm: Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home.                They would be far better giving the unemployed, a fair and just increase in their benefits.    ;) Don't worry. If the banks are stupid enough to hand out credit cards to anyone then just get as many as you can and spend up big. Even better why not go down to the casino and risk it all and see if you can double it. What's the worst that can happen if you lose it all at the casino ? What are the banks going to do to some unemployed person who lost it all down ast the casino ;) LOL I already told you - they will send you to the clink. If you still think it's a great, foolproof plan, go try it and let me know how it goes. how can they when it is just a civil matter ?? If the bank is stupid enough to issue credit cards to people on the dole then they deserve to get ripped off !! because they've got the money, so they make the rules.

Don't be absurd ! The banks don't make the laws. The bank takes a risk when it lends out money to people. If they are stupid to enough to take a big risk and lend money to someone on the dole then do they honestly expect that person to pay it all back ? The moral of the story is don't lend money to bad risks !!

As I said mate - If it's such a foolproof scheme, go try it and tell me how it turns out.

... wrote on Mar 16^th, 2011 at 4:59pm:

As I said mate - If it's such a foolproof scheme, go try it and tell me how it turns out.

I know someone who did it years ago. They were on the dole and bought a 2nd hand car on credit and the dealers didn't even check their finance. Then he drove the car around for 6 months without paying anything back on it. The sheriffs eventually turned up at his door to get the car back but the car had broken down a month before. He told them where they could find the car and that was the last he heard from them. Then he saw the same car at the same dealers yard again obviously looking for another sucker to flog it to ;) LOL

This dude did the same with TV's and anything else he could get on credit. He just didn't pay it off and the sheriff would eventually arrive at  his door and repossess the goods. He didn't care because he got to watch a big screen TV for 6 months without paying for it ;)

wrote on Mar 16^th, 2011 at 1:46pm:

Also what ever happened to responsible lending habits?.  Would you like  to increase your credit limit?.  Go on Mr Smith, you can do it have another $1000.  Then again no Mr Smith, why not have another $2000.  :(

WTF happened to personal responsibility?

No one made you spend it.

Sir lastnail wrote on Mar 16^th, 2011 at 2:32pm:

Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL

You most certainly don't, but you'd be terminally fuggn stupid if you didn't.  What they really should do is sterilise these morons to stop them from polluting the gene pool with their mindless stupidity.

Sir lastnail wrote on Mar 16^th, 2011 at 3:46pm:

... wrote on Mar 16th, 2011 at 3:41pm: Sir lastnail wrote on Mar 16th, 2011 at 3:37pm: ... wrote on Mar 16th, 2011 at 3:31pm: A smart man (ie ME) would put everything on credit and pay it off in full each month.  That way, he doesn't pay a penny in interest, and racks up frequent flyer points to boot. I got a trip to Fiji later this year, funded entirely by frequent flyer points which have accumlated over only about 2 years.   Of course, a degree of self control and financial management is required, so this puts it out of reach of many. I suggested a better idea for unemployed people to get as many credit cards as they can and buy as much as they can and then not pay it off ;) What's the worst that can happen to some one on the dole ? :) LOL Well, they would at least get 3 meals a day and a roof over their head when they go to prison.  The judiciary doesn't look to kindly on crimes where money is involved.  You're far better off bashing people for their wallets and then blaming it all on coming from a broken home. Why would they go to prison ?? The banks offered them credit cards and they racked up a whole lot of debt that they couldn't afford to pay back. The sheriffs would probably go around and repossess the gear and no laws would have been broken. It's just a civil matter and is the fault of the credit company for offering credit to people who don't have the ability to service the loan.

Clearly you've not applied for any credit in the past 12 months, nor have applied for any since Jan 2011.

Sadly the banks would lose in court if a low life took TLN's "Advice"

perceptions_now wrote on Mar 16^th, 2011 at 4:52pm:

Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." Yes, it should! Amongst the reasons, for the current GFC, is the housing collapse in the USA and one of the reasons for that collapse was that US financial institutions were allowed to do some totally unethical things, which were aided & abetted by changes in the US regulatory system. In Australia, in days gone by, you had to prove you could afford your Credit Crad limit/payments, now you are bombarded with requests to increase your limits, without the card provider having any knowledge of your financial position. It is purely a numbers game!

And since Jan 2011 the bank has to prove you can afford it with an unsuitability and suitability test.

It is only an offer, it's not a pre-approval.  I get 3-5 of those a week.

qikvtec wrote on Mar 16^th, 2011 at 6:41pm:

perceptions_now wrote on Mar 16th, 2011 at 4:52pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." Yes, it should! Amongst the reasons, for the current GFC, is the housing collapse in the USA and one of the reasons for that collapse was that US financial institutions were allowed to do some totally unethical things, which were aided & abetted by changes in the US regulatory system. In Australia, in days gone by, you had to prove you could afford your Credit Crad limit/payments, now you are bombarded with requests to increase your limits, without the card provider having any knowledge of your financial position. It is purely a numbers game! And since Jan 2011 the bank has to prove you can afford it with an unsuitability and suitability test. It is only an offer, it's not a pre-approval.  I get 3-5 of those a week.

Does subprime mortgages and the GFC ring a bell to you ?? How the hell did that ever happen ??

What on earth are they going do to someone on the dole ?? Are they going to garnish their wages are they ?? :) LOL

LastNail wrote: - "What on earth are they going do to someone on the dole ?? Are they going to garnish their wages are they ??"


Well, no.

But Satanlink would garnish their dole-payments, and quite savagely, too.

And that's if they don't get charged with fraud, or 'obtaining benefit by deception'.

Of which, they'd almost certainly be found guilty. And, being unemployed, a jail
term would be a virtual certainty

Sir lastnail wrote on Mar 16^th, 2011 at 7:12pm:

qikvtec wrote on Mar 16th, 2011 at 6:41pm: perceptions_now wrote on Mar 16th, 2011 at 4:52pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." Yes, it should! Amongst the reasons, for the current GFC, is the housing collapse in the USA and one of the reasons for that collapse was that US financial institutions were allowed to do some totally unethical things, which were aided & abetted by changes in the US regulatory system. In Australia, in days gone by, you had to prove you could afford your Credit Crad limit/payments, now you are bombarded with requests to increase your limits, without the card provider having any knowledge of your financial position. It is purely a numbers game! And since Jan 2011 the bank has to prove you can afford it with an unsuitability and suitability test. It is only an offer, it's not a pre-approval.  I get 3-5 of those a week. Leftard politicians that believed it was everyone's god given right to own a property and to have a loan they could never possibly afford, crossed with the natural tendency of banks to take on as much risk as they can possibly get away with.  If you want to blame one specific entity it should be Obama or Clinton; they established the policy. Does subprime mortgages and the GFC ring a bell to you ?? How the hell did that ever happen ?? What on earth are they going do to someone on the dole ?? Are they going to garnish their wages are they ?? :) LOL

Leftard politicians that believed it was everyones god given right to own a property and to have a loan they could never possibly afford, crossed with the natural tendency of banks to take on as much risk as they can possibly get away with.  If you want to blame one specific entity it should be Obama or Clinton; they established the policy.

qikvtec wrote on Mar 16^th, 2011 at 6:35pm:

Sir lastnail wrote on Mar 16th, 2011 at 2:32pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL You most certainly don't, but you'd be terminally fuggn stupid if you didn't.  What they really should do is sterilise these morons to stop them from polluting the gene pool with their mindless stupidity.

Do you think that the stupidity will stop before the steralisation?

mavisdavis wrote on Mar 16^th, 2011 at 8:59pm:

qikvtec wrote on Mar 16th, 2011 at 6:35pm: Sir lastnail wrote on Mar 16th, 2011 at 2:32pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL You most certainly don't, but you'd be terminally fuggn stupid if you didn't.  What they really should do is sterilise these morons to stop them from polluting the gene pool with their mindless stupidity. Do you think that the stupidity will stop before the steralisation?

Not a chance, but it'll certainly stop it's spread.

Kat wrote on Mar 16^th, 2011 at 7:46pm:

LastNail wrote: - "What on earth are they going do to someone on the dole ?? Are they going to garnish their wages are they ??" Well, no. But Satanlink would garnish their dole-payments, and quite savagely, too. And that's if they don't get charged with fraud, or 'obtaining benefit by deception'. Of which, they'd almost certainly be found guilty. And, being unemployed, a jail term would be a virtual certainty

that's almost impossible to prove. the dole recipient only has to state that he believed that he was going to get a job but the job never came through and he couldn't service the loan. the bank hasn't got a leg to stand on because they should have done their due diligence before they handed over the money.

Sir lastnail wrote on Mar 16^th, 2011 at 9:07pm:

Kat wrote on Mar 16th, 2011 at 7:46pm: LastNail wrote: - "What on earth are they going do to someone on the dole ?? Are they going to garnish their wages are they ??" Well, no. But Satanlink would garnish their dole-payments, and quite savagely, too. And that's if they don't get charged with fraud, or 'obtaining benefit by deception'. Of which, they'd almost certainly be found guilty. And, being unemployed, a jail term would be a virtual certainty that's almost impossible to prove. the dole recipient only has to state that he believed that he was going to get a job but the job never came through and he couldn't service the loan. the bank hasn't got a leg to stand on because they should have done their due diligence before they handed over the money.

If it happens post Jan 2011 the bank is fornicated, good luck getting credit if your household income is less the $40k in the new regime; unless you live at home and are not at all liable for housing costs.

qikvtec wrote on Mar 16^th, 2011 at 8:58pm:

Sir lastnail wrote on Mar 16th, 2011 at 7:12pm: qikvtec wrote on Mar 16th, 2011 at 6:41pm: perceptions_now wrote on Mar 16th, 2011 at 4:52pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." Yes, it should! Amongst the reasons, for the current GFC, is the housing collapse in the USA and one of the reasons for that collapse was that US financial institutions were allowed to do some totally unethical things, which were aided & abetted by changes in the US regulatory system. In Australia, in days gone by, you had to prove you could afford your Credit Crad limit/payments, now you are bombarded with requests to increase your limits, without the card provider having any knowledge of your financial position. It is purely a numbers game! And since Jan 2011 the bank has to prove you can afford it with an unsuitability and suitability test. It is only an offer, it's not a pre-approval.  I get 3-5 of those a week. Leftard politicians that believed it was everyone's god given right to own a property and to have a loan they could never possibly afford, crossed with the natural tendency of banks to take on as much risk as they can possibly get away with.  If you want to blame one specific entity it should be Obama or Clinton; they established the policy. Does subprime mortgages and the GFC ring a bell to you ?? How the hell did that ever happen ?? What on earth are they going do to someone on the dole ?? Are they going to garnish their wages are they ?? :) LOL Leftard politicians that believed it was everyones god given right to own a property and to have a loan they could never possibly afford, crossed with the natural tendency of banks to take on as much risk as they can possibly get away with.  If you want to blame one specific entity it should be Obama or Clinton; they established the policy.

Try both Democrats & Republicans, they were both involved, up to their necks, plus the regulators, plus those actually in the Financial sector

qikvtec wrote on Mar 16^th, 2011 at 6:35pm:

Sir lastnail wrote on Mar 16th, 2011 at 2:32pm: Verge wrote on Mar 16th, 2011 at 2:01pm: wrote on Mar 16th, 2011 at 1:56pm: It should be a two way street.  Responsible financial management.  Also responsible lending habits.   ;)   No it shouldnt. Im tired of people blaming everyone else for their problems. How about they pull their heads in and stop spending like a Labor Pollie and start living within their means. They are credit cards, their interest rates are well known but that handbag seems far more important to some people. Im sick of people wanting saving for themselves.  Im sick of things like rehab being an excuse for people not taking responsibilty and Im tired of people like you imcrook standing behind them saying "its not your fault." I'm Gerry Harvey and I am your best friend and I'm going to sell you this fridge and you don't have to make a payment for 4 years !!!! Buy now, never ever pay later !!! :D LOL You most certainly don't, but you'd be terminally fuggn stupid if you didn't.  What they really should do is sterilise these morons to stop them from polluting the gene pool with their mindless stupidity.

you mean sterilize Gerry Harvey ?? Yes I agree ;) LOL

Sir lastnail wrote on Mar 16^th, 2011 at 6:25pm:

... wrote on Mar 16th, 2011 at 4:59pm: As I said mate - If it's such a foolproof scheme, go try it and tell me how it turns out. I know someone who did it years ago. They were on the dole and bought a 2nd hand car on credit and the dealers didn't even check their finance. Then he drove the car around for 6 months without paying anything back on it. The sheriffs eventually turned up at his door to get the car back but the car had broken down a month before. He told them where they could find the car and that was the last he heard from them. Then he saw the same car at the same dealers yard again obviously looking for another sucker to flog it to ;) LOL This dude did the same with TV's and anything else he could get on credit. He just didn't pay it off and the sheriff would eventually arrive at  his door and repossess the goods. He didn't care because he got to watch a big screen TV for 6 months without paying for it ;)

Nice people you hang around with nail.

I worked for Westpac on King & George St Sydney for 4 years.
I got a Credit Card and gave myself a 'great' trip to the Himalaya for $6,000 to the Himalaya - a trip that I needed and changed my life for the better long term.
But I soon lost my job, found it hard to get work, got into debt and eventually had to declare Bankruptcy.
I was given a 10 year "Blacklisting" for any loans etc.

I've never been formerly educated  the 'processed' way, so I learn from my mistakes instead.

I now stay away from Debt as much as possible and go by the old advice of Pre-Depression era of "If you can't afford it, don't buy it."

I like that chick on Deal or No Deal when she was told she just lost the 'Car'. She beamed: "Excellent! That means less money I gotta spend on the thing to keep it running." The Host was speechless.

Australians have gone credit mad.  Mr Smith didn't need the $2000, but he took it anyway.  Now Mr Smith is in debt over his head.  And why is that so?.  Well the bank couldn't be more happy.  Mr Smith, well hes happy.  At least for the time being.  What happens when the bank card bill comes in though.  It seems a little time has gone by, but Mr Smith is not so happy now.  The bank, well their still happy.  You see, poor Mr Smith was tempted by the devil.    [smiley=evil.gif]  

I took credit because I knew no better at the time and there was little advice against at the time.

If there was something akin to a First Aid Course relating to Financial Matters, at School - chances are, I wouldn't have been in debt, etc.

4 tips

1) STOP whinging/complaining/worrying

2) Cut your credit card in half. IT WILL COST YOU MORE MONEY HAVING ONE!

3) If you have the money THEN spend .. and even then ONLY AFTER you've shopped around for the best deal in town on EVERY item you spend.

4) With the money saved using 2) and 3) above .. put THAT money in the bank (again shop around for the best bank a/c facility)

The End

Verge wrote on Mar 17^th, 2011 at 11:45am:

Sir lastnail wrote on Mar 16th, 2011 at 6:25pm: ... wrote on Mar 16th, 2011 at 4:59pm: As I said mate - If it's such a foolproof scheme, go try it and tell me how it turns out. I know someone who did it years ago. They were on the dole and bought a 2nd hand car on credit and the dealers didn't even check their finance. Then he drove the car around for 6 months without paying anything back on it. The sheriffs eventually turned up at his door to get the car back but the car had broken down a month before. He told them where they could find the car and that was the last he heard from them. Then he saw the same car at the same dealers yard again obviously looking for another sucker to flog it to ;) LOL This dude did the same with TV's and anything else he could get on credit. He just didn't pay it off and the sheriff would eventually arrive at  his door and repossess the goods. He didn't care because he got to watch a big screen TV for 6 months without paying for it ;) Nice people you hang around with nail.

I heard it on 3AW talk back radio and people were ringing up in disbelief but it was true because the dude rang back and said he wasn't making it up. He said the tax department looks after him quite well :) LOL

But to add insult to injury another person rang up and said that her and her husband was earning 150K between the two of them and had two kids and was paying off a mortgage and they reckon they were struggling !! Go figure !!

Lisa Jones wrote on Mar 18^th, 2011 at 10:32am:

4 tips 1) STOP whinging/complaining/worrying 2) Cut your credit card in half. IT WILL COST YOU MORE MONEY HAVING ONE! 3) If you have the money THEN spend .. and even then ONLY AFTER you've shopped around for the best deal in town on EVERY item you spend. 4) With the money saved using 2) and 3) above .. put THAT money in the bank (again shop around for the best bank a/c facility) The End

Good advice.

To add to point number 3, look on ebay before you get stitched up to one of Gerry Harvey's "buy now never ever pay later" scams ;) It's better to pay up front for something than to pay more on credit ;)

Yep .. good point there Last Nail.

I only ever pay cash. Why? It gives me the chance to negotiate better terms.

Make that another tip folks!

My mum is a ball breaker when it comes to negotiating .. and my negotiating ability these days scares the sh.it out of her. She smiles and shakes her head with some of the stuff I've bought her over the years lol :P

I always tell people .. remember .. everyone wants YOUR money .. so YOU are the BOSS .. and YOU CHOOSE to give it to whoever has best earned the right to have it.

I reckon if I was sleeping with
Lisa
Mantra
Nellie
Annie

...I too would be struggling. ;D

Lisa Jones wrote on Mar 18^th, 2011 at 10:32am:

4 tips 1) STOP whinging/complaining/worrying 2) Cut your credit card in half. IT WILL COST YOU MORE MONEY HAVING ONE! 3) If you have the money THEN spend .. and even then ONLY AFTER you've shopped around for the best deal in town on EVERY item you spend. 4) With the money saved using 2) and 3) above .. put THAT money in the bank (again shop around for the best bank a/c facility) The End

Actually, it ain't necessarily so!

IF, you are disciplined enough -
1) To not let the availability of Credit, influence your decisions on what to buy, when to buy & how much to pay.
2) To repay each months Credit Card bill, in full & on time, from what you saved during each month.

If you can be disciplined enough to do the above, then -
1) The interest charges on most standard cards will be ZERO.
2) The money you put into your savings account, will actually earn you interest.
3) The Credit Card provider, via the various "customer rewards programs" will actually provide various items or cash, which can be redeemed, for simply using their money.

So, IF you can be disciplined enough, you can actually use the Credit Card providers money free of interest (although there is usually and annual FEE), you can pick up extra interest by saving your money, then paying in full after you have used their money for say 45-55 days and they will also provide you with cash or other incentives, to use their money.

So, IF you can be disciplined enough, IF you can play the numbers game, like they do, THEN YOU CAN BEAT THEM, AT THEIR OWN NUMBERS GAME?


http://www.youtube.com/watch?v=dnlzG3TwY8g

Lisa Jones wrote on Mar 18^th, 2011 at 12:00pm:

Yep .. good point there Last Nail. I only ever pay cash. Why? It gives me the chance to negotiate better terms. Make that another tip folks! My mum is a ball breaker when it comes to negotiating .. and my negotiating ability these days scares the sh.it out of her. She smiles and shakes her head with some of the stuff I've bought her over the years lol :P I always tell people .. remember .. everyone wants YOUR money .. so YOU are the BOSS .. and YOU CHOOSE to give it to whoever has best earned the right to have it.

my old man was like that. he used to haggle with people to get a good price especially on 2nd hand stuff. Sometimes it was embarrassing but in a lot of cases it did work so who am I to complain. I couldn't do it myself but some people have the knack of it ;)