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Australia Wakes Up To A Credit Card Hangover (Read 1001 times)
Yadda
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #15 - Jan 11th, 2018 at 8:58pm
 
Quote:

I don't know how people can live without a credit card



I live without a credit card.



I live with a DEBIT card.      ....which draws down on money i have, in a linked account.

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"....And he said unto him, If they hear not Moses and the prophets, neither will they be persuaded, though one rose from the dead." Luke 16:31
 
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Setanta
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #16 - Jan 11th, 2018 at 8:58pm
 
Aussie wrote on Jan 11th, 2018 at 8:49pm:
Setanta wrote on Jan 11th, 2018 at 8:36pm:
Aussie wrote on Jan 11th, 2018 at 7:48pm:
Setanta wrote on Jan 11th, 2018 at 7:39pm:
issuevoter wrote on Jan 11th, 2018 at 8:42am:
Have not needed one in years. If I can't afford it, I don't buy it.

Just a thought: can you put life insurance or funeral insurance on a credit card?


Sure, and if you die before you pay it back it's an unsecured loan and your estate pays nothing. I'm looking forward to paying for my funeral that way. Wink

I have a credit card, it's a handy thing to have but it should be used properly not as a "Hey! I've got 5, 10 or 20G to spend, yay!, gotta get down on Friday, weekend, weekend, party, party"


I suggest you get advice from a better qualified person than whatever idiot told you that garbage.


I got it from a friend who's wife died with CC debt in her name and no he didn't have to pay it back.

It's unsecured debt, that's why the interest is so high. Feel free to share if you know better.

edit: You may be right...
https://blog.creditcardcompare.com.au/what-happens-to-credit-card-debt-when-you-...

Perhaps she had no assets in her name and because it was not a joint card...

Quote:
DEATH AND CREDIT CARD DEBT
If you think that leaving your death to take care of your credit card debt is a solid plan – after all, you would stop spending on the card – you could actually be leaving your family to pay for the costs of your bad debt. The way that credit card debt is handled after death changes with legislative differences across our borders, however, in most cases the amount needed to clear your credit card debts when you die will be taken out of your estate or the assets you wanted to leave to your family.

Once the amount of your credit card debt has been deducted from the value of your estate, your beneficiaries will be given access to whatever is left – if anything. Alternatively, your estate and assets won’t be enough to cover the total of your credit card debts when you die, in which case the bank has to write off the debt as a loss. Of course, the bank wants to avoid writing off the debt, and will look at every other possible avenue, as they may also be the same institution which holds your savings account, transaction account, home loan or other controllable assets – a commonplace scenario in Australia. However, before the bank can start using your assets to pay off your credit card debt, they must first go to court to obtain an order to allow your assets to be sold to pay off your debt.


That last highlighted may be subject to a cost/benefit analysis on the banks behalf, I suppose.


I may be right?  I haven't said anything other than to tell you what you posted was rubbish.  It seems you have now realised that yourself.  I guess you must have asked Mr Rort's Taxi Driver.


Bad guess, I'd trust google over a taxi driver any day.
Still, mate's wife's CC debt was wiped, I suppose it wasn't worth their time on that one.
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nu ninda an ezzateni watar ma ekuteni
 
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Karnal
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #17 - Jan 11th, 2018 at 9:00pm
 
Yadda wrote on Jan 11th, 2018 at 8:58pm:
Quote:

I don't know how people can live without a credit card



I live without a credit card.



Moslem, are you?
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Baronvonrort
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #18 - Jan 11th, 2018 at 9:01pm
 
Aussie wrote on Jan 11th, 2018 at 8:49pm:
Setanta wrote on Jan 11th, 2018 at 8:36pm:
Aussie wrote on Jan 11th, 2018 at 7:48pm:
Setanta wrote on Jan 11th, 2018 at 7:39pm:
issuevoter wrote on Jan 11th, 2018 at 8:42am:
Have not needed one in years. If I can't afford it, I don't buy it.

Just a thought: can you put life insurance or funeral insurance on a credit card?


Sure, and if you die before you pay it back it's an unsecured loan and your estate pays nothing. I'm looking forward to paying for my funeral that way. Wink

I have a credit card, it's a handy thing to have but it should be used properly not as a "Hey! I've got 5, 10 or 20G to spend, yay!, gotta get down on Friday, weekend, weekend, party, party"


I suggest you get advice from a better qualified person than whatever idiot told you that garbage.


I got it from a friend who's wife died with CC debt in her name and no he didn't have to pay it back.

It's unsecured debt, that's why the interest is so high. Feel free to share if you know better.

edit: You may be right...
https://blog.creditcardcompare.com.au/what-happens-to-credit-card-debt-when-you-...

Perhaps she had no assets in her name and because it was not a joint card...

Quote:
DEATH AND CREDIT CARD DEBT
If you think that leaving your death to take care of your credit card debt is a solid plan – after all, you would stop spending on the card – you could actually be leaving your family to pay for the costs of your bad debt. The way that credit card debt is handled after death changes with legislative differences across our borders, however, in most cases the amount needed to clear your credit card debts when you die will be taken out of your estate or the assets you wanted to leave to your family.

Once the amount of your credit card debt has been deducted from the value of your estate, your beneficiaries will be given access to whatever is left – if anything. Alternatively, your estate and assets won’t be enough to cover the total of your credit card debts when you die, in which case the bank has to write off the debt as a loss. Of course, the bank wants to avoid writing off the debt, and will look at every other possible avenue, as they may also be the same institution which holds your savings account, transaction account, home loan or other controllable assets – a commonplace scenario in Australia. However, before the bank can start using your assets to pay off your credit card debt, they must first go to court to obtain an order to allow your assets to be sold to pay off your debt.


That last highlighted may be subject to a cost/benefit analysis on the banks behalf, I suppose.


I may be right?  I haven't said anything other than to tell you what you posted was rubbish.  It seems you have now realised that yourself.  I guess you must have asked Mr Rort's Taxi Driver.


I prefer Uber to taxis, they're cheaper cleaner and the drivers don't stink.

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If you speak of the harms of 1-2 centuries of European imperialism but ignore 1-2 millennia of Turk-Arab imperialism you are the problem.
 
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Setanta
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #19 - Jan 11th, 2018 at 9:02pm
 
Yadda wrote on Jan 11th, 2018 at 8:58pm:
Quote:

I don't know how people can live without a credit card



I live without a credit card.



I live with a DEBIT card.      ....which draws down on money i have, in a linked account.



I have much more money in the bank than my CC limit but most is in higher(not so high these days) interest accounts and not linked to my debit card account(which pays no interest). It's convenient to have. I think I owe all of about $60 dollars on it at the moment. $147.82 DR and I paid $90 towards that today.
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« Last Edit: Jan 11th, 2018 at 9:11pm by Setanta »  

nu ninda an ezzateni watar ma ekuteni
 
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Yadda
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #20 - Jan 11th, 2018 at 9:06pm
 
Karnal wrote on Jan 11th, 2018 at 9:00pm:
Yadda wrote on Jan 11th, 2018 at 8:58pm:
Quote:

I don't know how people can live without a credit card



I live without a credit card.



Moslem, are you?



Har, har.   It is to laugh!


Proverbs 22:7
The rich ruleth over the poor, and the borrower is servant to the lender.


A person who borrows money is always in a form of 'bondage'.

I am at liberty, and i am happy.



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"....And he said unto him, If they hear not Moses and the prophets, neither will they be persuaded, though one rose from the dead." Luke 16:31
 
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Aussie
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #21 - Jan 11th, 2018 at 9:12pm
 
Setanta wrote on Jan 11th, 2018 at 8:58pm:
Aussie wrote on Jan 11th, 2018 at 8:49pm:
Setanta wrote on Jan 11th, 2018 at 8:36pm:
Aussie wrote on Jan 11th, 2018 at 7:48pm:
Setanta wrote on Jan 11th, 2018 at 7:39pm:
issuevoter wrote on Jan 11th, 2018 at 8:42am:
Have not needed one in years. If I can't afford it, I don't buy it.

Just a thought: can you put life insurance or funeral insurance on a credit card?


Sure, and if you die before you pay it back it's an unsecured loan and your estate pays nothing. I'm looking forward to paying for my funeral that way. Wink

I have a credit card, it's a handy thing to have but it should be used properly not as a "Hey! I've got 5, 10 or 20G to spend, yay!, gotta get down on Friday, weekend, weekend, party, party"


I suggest you get advice from a better qualified person than whatever idiot told you that garbage.


I got it from a friend who's wife died with CC debt in her name and no he didn't have to pay it back.

It's unsecured debt, that's why the interest is so high. Feel free to share if you know better.

edit: You may be right...
https://blog.creditcardcompare.com.au/what-happens-to-credit-card-debt-when-you-...

Perhaps she had no assets in her name and because it was not a joint card...

Quote:
DEATH AND CREDIT CARD DEBT
If you think that leaving your death to take care of your credit card debt is a solid plan – after all, you would stop spending on the card – you could actually be leaving your family to pay for the costs of your bad debt. The way that credit card debt is handled after death changes with legislative differences across our borders, however, in most cases the amount needed to clear your credit card debts when you die will be taken out of your estate or the assets you wanted to leave to your family.

Once the amount of your credit card debt has been deducted from the value of your estate, your beneficiaries will be given access to whatever is left – if anything. Alternatively, your estate and assets won’t be enough to cover the total of your credit card debts when you die, in which case the bank has to write off the debt as a loss. Of course, the bank wants to avoid writing off the debt, and will look at every other possible avenue, as they may also be the same institution which holds your savings account, transaction account, home loan or other controllable assets – a commonplace scenario in Australia. However, before the bank can start using your assets to pay off your credit card debt, they must first go to court to obtain an order to allow your assets to be sold to pay off your debt.


That last highlighted may be subject to a cost/benefit analysis on the banks behalf, I suppose.


I may be right?  I haven't said anything other than to tell you what you posted was rubbish.  It seems you have now realised that yourself.  I guess you must have asked Mr Rort's Taxi Driver.


Bad guess, I'd trust google over a taxi driver any day.
Still, mate's wife's CC debt was wiped, I suppose it wasn't worth their time on that one.


It means the person with a CC debt who died had a bankrupt estate.  Simple as that.
Back to top
 

And Indian women aren't exactly LBFMs. ~ A Member
A Member ~ kill every man woman and child, who is a Muslim.
A Member ~ I know if he had touched my kid he [taxi driver]would need an Ambulance
 
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Setanta
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #22 - Jan 11th, 2018 at 9:15pm
 
Aussie wrote on Jan 11th, 2018 at 9:12pm:
Setanta wrote on Jan 11th, 2018 at 8:58pm:
Aussie wrote on Jan 11th, 2018 at 8:49pm:
Setanta wrote on Jan 11th, 2018 at 8:36pm:
Aussie wrote on Jan 11th, 2018 at 7:48pm:
Setanta wrote on Jan 11th, 2018 at 7:39pm:
issuevoter wrote on Jan 11th, 2018 at 8:42am:
Have not needed one in years. If I can't afford it, I don't buy it.

Just a thought: can you put life insurance or funeral insurance on a credit card?


Sure, and if you die before you pay it back it's an unsecured loan and your estate pays nothing. I'm looking forward to paying for my funeral that way. Wink

I have a credit card, it's a handy thing to have but it should be used properly not as a "Hey! I've got 5, 10 or 20G to spend, yay!, gotta get down on Friday, weekend, weekend, party, party"


I suggest you get advice from a better qualified person than whatever idiot told you that garbage.


I got it from a friend who's wife died with CC debt in her name and no he didn't have to pay it back.

It's unsecured debt, that's why the interest is so high. Feel free to share if you know better.

edit: You may be right...
https://blog.creditcardcompare.com.au/what-happens-to-credit-card-debt-when-you-...

Perhaps she had no assets in her name and because it was not a joint card...

Quote:
DEATH AND CREDIT CARD DEBT
If you think that leaving your death to take care of your credit card debt is a solid plan – after all, you would stop spending on the card – you could actually be leaving your family to pay for the costs of your bad debt. The way that credit card debt is handled after death changes with legislative differences across our borders, however, in most cases the amount needed to clear your credit card debts when you die will be taken out of your estate or the assets you wanted to leave to your family.

Once the amount of your credit card debt has been deducted from the value of your estate, your beneficiaries will be given access to whatever is left – if anything. Alternatively, your estate and assets won’t be enough to cover the total of your credit card debts when you die, in which case the bank has to write off the debt as a loss. Of course, the bank wants to avoid writing off the debt, and will look at every other possible avenue, as they may also be the same institution which holds your savings account, transaction account, home loan or other controllable assets – a commonplace scenario in Australia. However, before the bank can start using your assets to pay off your credit card debt, they must first go to court to obtain an order to allow your assets to be sold to pay off your debt.


That last highlighted may be subject to a cost/benefit analysis on the banks behalf, I suppose.


I may be right?  I haven't said anything other than to tell you what you posted was rubbish.  It seems you have now realised that yourself.  I guess you must have asked Mr Rort's Taxi Driver.


Bad guess, I'd trust google over a taxi driver any day.
Still, mate's wife's CC debt was wiped, I suppose it wasn't worth their time on that one.


It means the person with a CC debt who died had a bankrupt estate.  Simple as that.


Or perhaps the cost of a court order and all the costs involved in chasing it was not worth it, cost/benefit, she was not a bankrupt.
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nu ninda an ezzateni watar ma ekuteni
 
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Gordon
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #23 - Jan 11th, 2018 at 9:21pm
 
Setanta wrote on Jan 11th, 2018 at 9:02pm:
Yadda wrote on Jan 11th, 2018 at 8:58pm:
Quote:

I don't know how people can live without a credit card



I live without a credit card.



I live with a DEBIT card.      ....which draws down on money i have, in a linked account.



I have much more money in the bank than my CC limit but most is in higher(not so high these days) interest accounts and not linked to my debit card account(which pays no interest). It's convenient to have. I think I owe all of about $60 dollars on it at the moment. $147.82 DR and I paid $90 towards that today.


For people with a mortgage the best setup is to put all money in an offset then live day to day on the CC then the CC is cleared monthly.

Even my meth dealer take visa
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Wokka Wokka Wokka
 
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Aussie
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #24 - Jan 11th, 2018 at 9:23pm
 
Then, Setanta, they would have gone after the Estate (not him...he has nothing to do with it as I assume, a beneficiary.)  As a matter of curiosity, what was in her Estate.  What did he end up with....while you reckon the Bank just shrugged its shoulders and said, "Oh we'll let that one go."

(And cods is right by the way.)

If there was anything in her "Estate" the Bank would have chased it.
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And Indian women aren't exactly LBFMs. ~ A Member
A Member ~ kill every man woman and child, who is a Muslim.
A Member ~ I know if he had touched my kid he [taxi driver]would need an Ambulance
 
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Setanta
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #25 - Jan 11th, 2018 at 9:25pm
 
Gordon wrote on Jan 11th, 2018 at 9:21pm:
Setanta wrote on Jan 11th, 2018 at 9:02pm:
Yadda wrote on Jan 11th, 2018 at 8:58pm:
Quote:

I don't know how people can live without a credit card



I live without a credit card.



I live with a DEBIT card.      ....which draws down on money i have, in a linked account.



I have much more money in the bank than my CC limit but most is in higher(not so high these days) interest accounts and not linked to my debit card account(which pays no interest). It's convenient to have. I think I owe all of about $60 dollars on it at the moment. $147.82 DR and I paid $90 towards that today.


For people with a mortgage the best setup is to put all money in an offset then live day to day on the CC then the CC is cleared monthly.

Even my meth dealer take visa


The teacher who was the IT coordinator I used to work with most at the school did that. I don't have a mortgage. My CC is just a convenience.
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nu ninda an ezzateni watar ma ekuteni
 
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Setanta
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #26 - Jan 11th, 2018 at 9:36pm
 
Aussie wrote on Jan 11th, 2018 at 9:23pm:
Then, Setanta, they would have gone after the Estate (not him...he has nothing to do with it as I assume, a beneficiary.)  As a matter of curiosity, what was in her Estate.  What did he end up with....while you reckon the Bank just shrugged its shoulders and said, "Oh we'll let that one go."

(And cods is right by the way.)

If there was anything in her "Estate" the Bank would have chased it.


She died of pancreatic cancer so by the time her time came they probably saw it wasn't worth the cost of chasing what they were after and she may not have had a lot left. I have no idea what she owed, I just know they didn't get it.
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nu ninda an ezzateni watar ma ekuteni
 
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Aussie
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #27 - Jan 11th, 2018 at 9:55pm
 
Setanta wrote on Jan 11th, 2018 at 9:36pm:
Aussie wrote on Jan 11th, 2018 at 9:23pm:
Then, Setanta, they would have gone after the Estate (not him...he has nothing to do with it as I assume, a beneficiary.)  As a matter of curiosity, what was in her Estate.  What did he end up with....while you reckon the Bank just shrugged its shoulders and said, "Oh we'll let that one go."

(And cods is right by the way.)

If there was anything in her "Estate" the Bank would have chased it.


She died of pancreatic cancer so by the time her time came they probably saw it wasn't worth the cost of chasing what they were after and she may not have had a lot left. I have no idea what she owed, I just know they didn't get it.


Setanta, the Bank would not have had a clue what she died of or even that she was dying.  I have no doubt your mate told you what you are repeating here, but the very strong likelihood is that she died leaving with nothing in her Estate, and that your Mate would not have even bothered worrying about dealing with her debts.  There would have been no Probate, just a Funeral, and mail from the Bank sent back advising that she is deceased.
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And Indian women aren't exactly LBFMs. ~ A Member
A Member ~ kill every man woman and child, who is a Muslim.
A Member ~ I know if he had touched my kid he [taxi driver]would need an Ambulance
 
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miketrees
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #28 - Jan 11th, 2018 at 9:57pm
 
This post Christmas torpor in our economy predates credit cards.

I remember as a fruit grower, you did not want fruit on the market after Christmas, you get nothing for it,,, the economy is taking a little rest.

Also in a cruel twist of irony the quality of fruit after Christmas also improves markedly.
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Setanta
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Re: Australia Wakes Up To A Credit Card Hangover
Reply #29 - Jan 11th, 2018 at 10:03pm
 
Aussie wrote on Jan 11th, 2018 at 9:55pm:
Setanta wrote on Jan 11th, 2018 at 9:36pm:
Aussie wrote on Jan 11th, 2018 at 9:23pm:
Then, Setanta, they would have gone after the Estate (not him...he has nothing to do with it as I assume, a beneficiary.)  As a matter of curiosity, what was in her Estate.  What did he end up with....while you reckon the Bank just shrugged its shoulders and said, "Oh we'll let that one go."

(And cods is right by the way.)

If there was anything in her "Estate" the Bank would have chased it.


She died of pancreatic cancer so by the time her time came they probably saw it wasn't worth the cost of chasing what they were after and she may not have had a lot left. I have no idea what she owed, I just know they didn't get it.


Setanta, the Bank would not have had a clue what she died of or even that she was dying.  I have no doubt your mate told you what you are repeating here, but the very strong likelihood is that she died leaving with nothing in her Estate, and that your Mate would not have even bothered worrying about dealing with her debts.  There would have been no Probate, just a Funeral, and mail from the Bank sent back advising that she is deceased.


I have no idea what you are trying to pick on here Aussie, I'm sure the bank didn't know or care that she was dying. My point was perhaps the fact she died a slow death ate what she had and there was not enough to go after with the costs of taking it to court to get, let alone enough to pay the costs of lawyers to scrounge what they could from her dead bones.
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nu ninda an ezzateni watar ma ekuteni
 
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