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We Owe $45 Billion On Our Credit Cards (Read 2658 times)
whiteknight
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We Owe $45 Billion On Our Credit Cards
Jul 4th, 2018 at 6:54am
 
We owe $45 billion on our credit cards and it's not getting better   Sad

4 July 2018
Canberra Times


As the nation's credit card balance heads towards $50 billion, the corporate regulator has warned that tighter rules are needed over who can get one with almost one-in-five card holders already struggling to cope with their debt.   Sad

The Australian Securities and Investments Commission (ASIC) will release a major review of the credit card market on Wednesday which finds almost 2 million people - or 18.5 per cent of card holders - exhibit at least one "problematic debt indicator" such as being in arrears on their repayments or never being able to clear the debt.

They can be a 'debt trap' for many of these cardholders, the regulator said, noting that 12.3 million Australians have at least one credit card.


Peter Kell, ASIC's deputy chairman, said only a handful of credit providers take proactive steps to address persistent debt, low repayments or poorly suited credit cards and more action would be needed.

"There are a number of failures by lenders to act in the interests of consumers and we expect them to respond swiftly to our findings," Mr Kell said.


"We will be following up to ensure the problems we have identified are addressed."

ASIC proposed the establishment of responsible lending assessments for credit cards be based on whether the consumer can afford to repay the credit limit within three years.

    There's a trap with it, if you don't stop using the first credit card, you'll end up doubling the debt.
   

The purpose of the proposed reform is to make sure that consumers can afford to repay their credit card debts within a reasonable period.

The new reform would apply to to both new and existing credit card contracts from January 1, 2019. ASIC will make a final decision about the proposed three-year period following an industry consultation process, which ends on July 31 this year.

The report takes aim at balance transfer cards for keeping some consumers in constant debt and is proposing consumer's capacity to repay credit card debt be assessed by lenders before issuing a card to a consumer.


Balance transfer cards are where a balance from another card is transferred to new 'balance transfer' card where there is no interest on the debt that is transferred for periods of up to two years.

It is only interest free on the original transferred debt. Any transferred debt not paid off in full by the end of the zero interest period, as well as new purchases, will attract a high rate of interest.

David Welch, from the Latrobe Valley in Victoria, had a credit card debt with a big bank five years ago that he transferred to a card with another major bank with an interest-free period of 12 months.

"It was temporary financial relief. It solved a short-term problem, but created a long-term one," the 58-year-old manager of a welfare agency said.  He now owes about $33,000 across both of his cards, or about twice the original debt.

"There's a trap with it, if you don't stop using the first credit card, you'll end up doubling the debt," he said.   


Law firm Slater and Gordon is investigating the potential for a class action with more than 100,000 customers duped into paying over $40 million for "worthless" credit card insurance.

He plans to pay-off this debt gradually, using windfalls like tax-return refunds and to moderate his spending.

"I think that checks on capacity to repay should be more stringent, and greater stringency on how you can get credit cards and what you can do with them. Back then it was too easy to apply online and get them," he said.

Consumer advocates have long pointed out that some of these cards have annual fees and those that don't tend to have a'balance transfer' fee that can be as much as 3 per cent of the debt transferred, which can be a real sting if thousands of dollars are transferred.


An interest-free card with a high annual fee could actually end up being more expensive over the long-term than a card with a low-rate and no annual fee.

ASIC said while many consumers reduce their credit card debt during the transfer card's promotional period of zero or low interest rates it finds it "concerning" that more than 30 per cent of consumers increase their debt by 10 per cent or more after transferring a balance.

Australians pay more than $5 billion a year in interest on credit-card debt of which the regulator estimates $621 million in interest would have been saved in 2016–17 if they had carried their balance on a card with a lower interest rate.

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Grendel
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Re: We Owe $45 Billion On Our Credit Cards
Reply #1 - Jul 4th, 2018 at 9:06am
 
Not me....  not a cent.
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Sir Spot of Borg
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Re: We Owe $45 Billion On Our Credit Cards
Reply #2 - Jul 4th, 2018 at 9:11am
 
This isnt new. whats the answer? Perhaps not paying ppl less?

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #3 - Jul 4th, 2018 at 10:17am
 
Excusing people with medical emergencies and the like, the problem for most of these people has to be a lack of financial literacy.

I was taught from an early age that you only spend on a credit card what you can afford to pay off every month. Yet I know heaps of people who pay ahead for furniture, holidays, cars...and end up paying thousands in interest. Some of these people who stress over their credit card debts are earning close to $200k
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Re: We Owe $45 Billion On Our Credit Cards
Reply #4 - Jul 4th, 2018 at 11:02am
 
Sir Spot of Borg wrote on Jul 4th, 2018 at 9:11am:
This isnt new. whats the answer? Perhaps not paying ppl less?

Spot


Indeed.

Cutting penalty rates isn't going to help.

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Re: We Owe $45 Billion On Our Credit Cards
Reply #5 - Jul 4th, 2018 at 11:37am
 
I don't owe anything on my credit cards
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Re: We Owe $45 Billion On Our Credit Cards
Reply #6 - Jul 4th, 2018 at 11:39am
 
any debt is grim....and credit card is soooooo easy... you forget its money you dont have,..but expect!

we take so much for granted today....overtime/penalty rates/paid holidays/ stand by money/  yes we all live up to expecting that to go on forever.....

today you can be earning a comfortable $1500 a week....  next week  it all comes crashing in.....poo happens...accidents illness happens.....and life goes upsidedown in a flash... Sad

we didnt have govt handouts  and we saved for a rainy day...oh and btw   we went without.... Roll Eyes..

I think most people did  before the advent of credit cards...
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Re: We Owe $45 Billion On Our Credit Cards
Reply #7 - Jul 4th, 2018 at 11:40am
 
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...
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Re: We Owe $45 Billion On Our Credit Cards
Reply #8 - Jul 4th, 2018 at 11:41am
 
Never touched a credit card in all my life until a year ago when I needed to renew my British passport which could only be done online and paid for with a card.

Got myself a Visa 'Load & Go' (which is really a debit rather than credit) card from Australia Post which cost me about $7 from memory and you load it up with funds (up to $1000) as you need to. No ongoing fees and no interest charges.

Other than that, you can use it exactly the same as a normal Visa credit card. I've been using it to buy things from Amazon and other places over the past 12 months.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #9 - Jul 4th, 2018 at 11:44am
 
The only reason i have a credit card is because they wouldnt give me a debit card back when i needed some money. They would rather give me credit. I wanted a debit card because you can use them like a credit card to pay big bills. Nope have to have credit.

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Re: We Owe $45 Billion On Our Credit Cards
Reply #10 - Jul 4th, 2018 at 11:46am
 
Carl D wrote on Jul 4th, 2018 at 11:41am:
Never touched a credit card in all my life until a year ago when I needed to renew my British passport which could only be done online and paid for with a card.

Got myself a Visa 'Load & Go' (which is really a debit rather than credit) card from Australia Post which cost me about $7 from memory and you load it up with funds (up to $1000) as you need to. No ongoing fees and no interest charges.

Other than that, you can use it exactly the same as a normal Visa credit card. I've been using it to buy things from Amazon and other places over the past 12 months.



yes but thats for people who have the money before they shop....lol..

btw I had one of those Post Office things...so I didnt give any Bank details away...

however  I used it once only after I  put $100 on it....spent $50...then forgot about it...rarely buy on line...when I went to use it again  the use by date had expired..... Roll Eyes Roll Eyes Roll Eyes

yeah they never told me about the use by date.. Roll Eyes Roll Eyes... somehow I always ,lose.. Grin Grin
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Re: We Owe $45 Billion On Our Credit Cards
Reply #11 - Jul 4th, 2018 at 11:52am
 
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...


They're handy for paying bills and buying stuff online.

A debit card can be used for this as well as name implies you need to have money in debit card account before you can spend it.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #12 - Jul 4th, 2018 at 12:06pm
 
cods wrote on Jul 4th, 2018 at 11:46am:
however  I used it once only after I  put $100 on it....spent $50...then forgot about it...rarely buy on line...when I went to use it again  the use by date had expired..... Roll Eyes Roll Eyes Roll Eyes

yeah they never told me about the use by date.. Roll Eyes Roll Eyes... somehow I always ,lose.. Grin Grin


Hi, Cods.

Actually, you've just reminded me... I'm sure I read somewhere (probably in the Terms & Conditions) that when these Load & Go Visa cards from Australia post expire you lose any money you still have on the card?

Doesn't seem right to me and I did ask someone at Australia Post about it a few months back and they said no - that isn't right, you get issued with a new card when the old one expires with the old card's balance transferred to the new one.

I'll have to check again because if you do lose any remaining money left on the card when it expires I need to spend it before that happens or transfer it to my bank account (if I can do that). At least my card doesn't expire for another 12 months.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #13 - Jul 4th, 2018 at 12:11pm
 
Carl D wrote on Jul 4th, 2018 at 12:06pm:
cods wrote on Jul 4th, 2018 at 11:46am:
however  I used it once only after I  put $100 on it....spent $50...then forgot about it...rarely buy on line...when I went to use it again  the use by date had expired..... Roll Eyes Roll Eyes Roll Eyes

yeah they never told me about the use by date.. Roll Eyes Roll Eyes... somehow I always ,lose.. Grin Grin


Hi, Cods.

Actually, you've just reminded me... I'm sure I read somewhere (probably in the Terms & Conditions) that when these Load & Go Visa cards from Australia post expire you lose any money you still have on the card?

Doesn't seem right to me and I did ask someone at Australia Post about it a few months back and they said no - that isn't right, you get issued with a new card when the old one expires with the old card's balance transferred to the new one.

I'll have to check again because if you do lose any remaining money left on the card when it expires I need to spend it before that happens or transfer it to my bank account (if I can do that). At least my card doesn't expire for another 12 months.


"Load&Go Reloadable Visa Prepaid Cards and Load&Go Travel Cards expire 3 years from the date they are produced (not the date they are sold).

"The expiry date is printed on the front of the card and on the back of its packaging."


https://auspost.com.au/money-insurance/make-payments/explore-online-payment-alte...
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Re: We Owe $45 Billion On Our Credit Cards
Reply #14 - Jul 4th, 2018 at 1:23pm
 
greggerypeccary wrote on Jul 4th, 2018 at 12:11pm:
Carl D wrote on Jul 4th, 2018 at 12:06pm:
cods wrote on Jul 4th, 2018 at 11:46am:
however  I used it once only after I  put $100 on it....spent $50...then forgot about it...rarely buy on line...when I went to use it again  the use by date had expired..... Roll Eyes Roll Eyes Roll Eyes

yeah they never told me about the use by date.. Roll Eyes Roll Eyes... somehow I always ,lose.. Grin Grin


Hi, Cods.

Actually, you've just reminded me... I'm sure I read somewhere (probably in the Terms & Conditions) that when these Load & Go Visa cards from Australia post expire you lose any money you still have on the card?

Doesn't seem right to me and I did ask someone at Australia Post about it a few months back and they said no - that isn't right, you get issued with a new card when the old one expires with the old card's balance transferred to the new one.

I'll have to check again because if you do lose any remaining money left on the card when it expires I need to spend it before that happens or transfer it to my bank account (if I can do that). At least my card doesn't expire for another 12 months.


"Load&Go Reloadable Visa Prepaid Cards and Load&Go Travel Cards expire 3 years from the date they are produced (not the date they are sold).

"The expiry date is printed on the front of the card and on the back of its packaging."


https://auspost.com.au/money-insurance/make-payments/explore-online-payment-alte...




I have no doubt it is.... the trouble was.. I wasnt expecting MY MONEY TO HAVE A USE BY DATE...thats all..

it never occured to me.....of course if you renew the card the money will get trf   however I am sure it would need to be within the date....


I also have a bank account with almost zero in  it...about $35  I received a  message from the credit union  telling me as this account hadnt been used for 3 years  the money would be sent to the govt...by such and such a date   I quickly put money in it....and need to every year.. just so they keep their grubby little hands off it...

wouldnt it be nice if these cards also gave out a warning  you are about to lose the funds....
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Re: We Owe $45 Billion On Our Credit Cards
Reply #15 - Jul 4th, 2018 at 1:37pm
 
Thanks, Greg and Cods.

Quote:
The Card will expire at the date shown on the front of the card. A new card will
automatically be issued to you prior to expiry, where the card balance is greater than
the card renewal fee, and you have registered your details with us, including your name
and Australian address. You cannot access any value loaded on the expired Card.


Looks to me like I'll need to spend or transfer any money remaining on the old card before I get a replacement. My current card doesn't expire until September next year.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #16 - Jul 4th, 2018 at 1:47pm
 
Carl D wrote on Jul 4th, 2018 at 1:37pm:
Thanks, Greg and Cods.

Quote:
The Card will expire at the date shown on the front of the card. A new card will
automatically be issued to you prior to expiry, where the card balance is greater than
the card renewal fee, and you have registered your details with us, including your name
and Australian address. You cannot access any value loaded on the expired Card.


Looks to me like I'll need to spend or transfer any money remaining on the old card before I get a replacement. My current card doesn't expire until September next year.


,thats not bad   mine was for 12 months....I didnt renew it..lost about $50   my fault,..must read the fine print  it is worth noting though..NOTHING IS FREE....lol..

heres a good one for me....   if I want to buy something thats not available in the shops I get my daughter to buy it on her card  and just trf the money to her...lololol.. shes good like that. Smiley
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Re: We Owe $45 Billion On Our Credit Cards
Reply #17 - Jul 4th, 2018 at 2:18pm
 
I lost some money from a bank account closing too. IMO thats theft.

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #18 - Jul 4th, 2018 at 2:31pm
 
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...

Most banks if not all give you  card of some kind these days so you can access your money.  I cant think of any with passbooks anymore.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #19 - Jul 5th, 2018 at 5:44am
 
Heard on the news this morning that their solution is to give you less time to pay it off. 3 years I think they said.

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Re: We Owe $45 Billion On Our Credit Cards
Reply #20 - Jul 5th, 2018 at 5:45pm
 
Grendel wrote on Jul 4th, 2018 at 2:31pm:
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...

Most banks if not all give you a card of some kind these days so you can access your money.  I cant think of any with passbooks anymore.

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Re: We Owe $45 Billion On Our Credit Cards
Reply #21 - Jul 5th, 2018 at 7:12pm
 
My part of that $45 billon is $74.35. I've had a credit card since about 1989. No-one forces you to actually use it. I use it for convenience.

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Re: We Owe $45 Billion On Our Credit Cards
Reply #22 - Jul 5th, 2018 at 7:22pm
 
Grendel wrote on Jul 5th, 2018 at 5:45pm:
Grendel wrote on Jul 4th, 2018 at 2:31pm:
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...

Most banks if not all give you a card of some kind these days so you can access your money.  I cant think of any with passbooks anymore.




Setanta, mine is.......zero.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #23 - Jul 5th, 2018 at 7:24pm
 
whiteknight wrote on Jul 4th, 2018 at 6:54am:
"It was temporary financial relief. It solved a short-term problem, but created a long-term one," the 58-year-old manager of a welfare agency said.  He now owes about $33,000 across both of his cards, or about twice the original debt.


Some manager he is if he can't even manage his own money on a manager's pay.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #24 - Jul 5th, 2018 at 7:27pm
 
Aussie wrote on Jul 5th, 2018 at 7:22pm:
Grendel wrote on Jul 5th, 2018 at 5:45pm:
Grendel wrote on Jul 4th, 2018 at 2:31pm:
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...

Most banks if not all give you a card of some kind these days so you can access your money.  I cant think of any with passbooks anymore.




Setanta, mine is.......zero.


So is mine now. Wink

edit: I received the bill today and had it sitting on top of my computer case to remind me to pay it, so I did.
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« Last Edit: Jul 5th, 2018 at 7:39pm by Setanta »  
 
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Re: We Owe $45 Billion On Our Credit Cards
Reply #25 - Jul 5th, 2018 at 7:43pm
 
Quote:
As the nation's credit card balance heads towards $50 billion, the corporate regulator has warned that tighter rules are needed over who can get one with almost one-in-five card holders already struggling to cope with their debt.


You cannot outlaw stupidity.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #26 - Jul 5th, 2018 at 7:51pm
 
freediver wrote on Jul 5th, 2018 at 7:43pm:
Quote:
As the nation's credit card balance heads towards $50 billion, the corporate regulator has warned that tighter rules are needed over who can get one with almost one-in-five card holders already struggling to cope with their debt.


You cannot outlaw stupidity.


Interest rates on them are far too high. The CC interest rate should be tied to other interest rates(housing loans/money in the bank/ etc) rather than staying pegged at something like 18%. That'd help.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #27 - Jul 5th, 2018 at 7:52pm
 
Setanta wrote on Jul 5th, 2018 at 7:27pm:
Aussie wrote on Jul 5th, 2018 at 7:22pm:
Grendel wrote on Jul 5th, 2018 at 5:45pm:
Grendel wrote on Jul 4th, 2018 at 2:31pm:
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...

Most banks if not all give you a card of some kind these days so you can access your money.  I cant think of any with passbooks anymore.




Setanta, mine is.......zero.


So is mine now. Wink

edit: I received the bill today and had it sitting on top of my computer case to remind me to pay it, so I did.


Cut that credit card up...and get a debit card so all you can access via plastic is your own own money.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #28 - Jul 5th, 2018 at 7:59pm
 
Aussie wrote on Jul 5th, 2018 at 7:52pm:
Setanta wrote on Jul 5th, 2018 at 7:27pm:
Aussie wrote on Jul 5th, 2018 at 7:22pm:
Grendel wrote on Jul 5th, 2018 at 5:45pm:
Grendel wrote on Jul 4th, 2018 at 2:31pm:
cods wrote on Jul 4th, 2018 at 11:40am:
Baronvonrort wrote on Jul 4th, 2018 at 11:37am:
I don't owe anything on my credit cards



I have been here a long time and NEVER OWNED ONE...

Most banks if not all give you a card of some kind these days so you can access your money.  I cant think of any with passbooks anymore.




Setanta, mine is.......zero.


So is mine now. Wink

edit: I received the bill today and had it sitting on top of my computer case to remind me to pay it, so I did.


Cut that credit card up...and get a debit card so all you can access via plastic is your own own money.


It's not a problem for me. I always have the money to cover it, I would not use it if that was not the case. It's just whether I have the money in the "everyday" account. Sometime that runs out and I use the CC, it's convenient. I have a month to pay it interest free, wait for the bill like this one, pay it when there is money in the "everyday". Not hard to deal with, I know it's not "free" money to do whatever my fancy takes, it's a tool.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #29 - Jul 5th, 2018 at 8:45pm
 
Setanta put it pretty well, which is how a great many of the older generation like he, myself, and many others here I would guess, choose to use them, as a convenient tool.

My percentage of that 45 Bill debt would be 0%, as would most of you, so who the fek is spending all the money?
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Re: We Owe $45 Billion On Our Credit Cards
Reply #30 - Jul 5th, 2018 at 8:46pm
 
mozzaok wrote on Jul 5th, 2018 at 8:45pm:
Setanta put it pretty well, which is how a great many of the older generation like he, myself, and many others here I would guess, choose to use them, as a convenient tool.

My percentage of that 45 Bill debt would be 0%, as would most of you, so who the fek is spending all the money?


Well... I wouldn't let my wife have one... Grin

edit: Or a 58-year-old manager of a welfare agency...
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Re: We Owe $45 Billion On Our Credit Cards
Reply #31 - Jul 5th, 2018 at 8:48pm
 
Credit cards are an interest free loan for the rich, and an idiot tax on the poor.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #32 - Jul 5th, 2018 at 8:50pm
 
freediver wrote on Jul 5th, 2018 at 8:48pm:
Credit cards are an interest free loan for the rich, and an idiot tax on the poor.


How do you figure that FD? I'm certainly not rich, not even well off.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #33 - Jul 5th, 2018 at 8:55pm
 
freediver wrote on Jul 5th, 2018 at 8:48pm:
Credit cards are an interest free loan for the rich, and an idiot tax on the poor.


That is exactly right FD, but as you are far more savvy than I in matters finance related I will leave it to you to explain it.
(basically they manipulate debt through the interest free periods, but he can tell you more detailed info on the nuts and bolts of it)
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Re: We Owe $45 Billion On Our Credit Cards
Reply #34 - Jul 5th, 2018 at 8:55pm
 
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #35 - Jul 5th, 2018 at 9:05pm
 
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".


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Re: We Owe $45 Billion On Our Credit Cards
Reply #36 - Jul 5th, 2018 at 9:17pm
 
You're not a rich man, but you are rich in spirit.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #37 - Jul 5th, 2018 at 9:19pm
 
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #38 - Jul 5th, 2018 at 9:26pm
 
freediver wrote on Jul 5th, 2018 at 9:17pm:
You're not a rich man, but you are rich in spirit.


Dunno about rich in spirit, just never defeated in spirit.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #39 - Jul 5th, 2018 at 9:29pm
 
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...
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Re: We Owe $45 Billion On Our Credit Cards
Reply #40 - Jul 5th, 2018 at 9:35pm
 
Setanta wrote on Jul 5th, 2018 at 9:29pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...


Well I agree but I don't see why it's news that lots of people are in debt.

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #41 - Jul 5th, 2018 at 9:42pm
 
I used to have a credit card when traveling because I could not rent a car without one, but I don't need one these days. I am not in on that 45 billion.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #42 - Jul 5th, 2018 at 9:47pm
 
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:35pm:
Setanta wrote on Jul 5th, 2018 at 9:29pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...


Well I agree but I don't see why it's news that lots of people are in debt.

Spot


So is it the banks fault or theirs? CC interest rates are far too high, there are things that can be done but you can't protect people from themselves. As I said before, CC interest rates should be tied to other interest rates and go up and down with them, that would make things better but people need to take control of their spending.

We know there are people that earn quite a lot of money that consider themselves poor because they are in debt simply because they spend at the level of their earning. Coming from my POV of my income, I have no real pity for someone on 80k a year being in financial difficulty.

edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #43 - Jul 5th, 2018 at 10:07pm
 
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #44 - Jul 5th, 2018 at 10:14pm
 
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #45 - Jul 5th, 2018 at 11:31pm
 
Setanta wrote on Jul 5th, 2018 at 9:29pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...


Where did that come from?



“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”― Norm Franz



My credit cards are tools to move money for my benefit, I pay them in full every month. When people have a steady reliable income there is no excuse for having a large recurring credit card debt.

I worked for a company with over one thousand people who were Union represented and made exactly the same wage and had exactly the same company investment opportunities. Some were virtual paupers and others were actually rich when they retired or left before retirement. I understand people who lose jobs and use credit cards to hang on a little longer until they get another job but not those with a steady income.

Some people are compulsive spenders and we generally elect them to public office so they can manage the peoples money!
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Re: We Owe $45 Billion On Our Credit Cards
Reply #46 - Jul 6th, 2018 at 12:01am
 
Mortdooley wrote on Jul 5th, 2018 at 11:31pm:
Setanta wrote on Jul 5th, 2018 at 9:29pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...


Where did that come from?



“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”― Norm Franz



My credit cards are tools to move money for my benefit, I pay them in full every month. When people have a steady reliable income there is no excuse for having a large recurring credit card debt.

I worked for a company with over one thousand people who were Union represented and made exactly the same wage and had exactly the same company investment opportunities. Some were virtual paupers and others were actually rich when they retired or left before retirement. I understand people who lose jobs and use credit cards to hang on a little longer until they get another job but not those with a steady income.

Some people are compulsive spenders and we generally elect them to public office so they can manage the peoples money!


Tools do not kill people, they are something you use to get a job done, the one that wants to get the job done is the one to blame. CCs do not make people credit dependant and poor, they are a tool, it's how people use them.

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Re: We Owe $45 Billion On Our Credit Cards
Reply #47 - Jul 6th, 2018 at 12:07pm
 
Setanta wrote on Jul 5th, 2018 at 10:14pm:
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.


Why should the two be linked? Lending someone money to buy a new pair of shoes is a lot riskier than putting the money in the bank, especially when you consider that most of the time you don't get to charge them any interest at all. The risk involved has very little to do with the wholesale cost of money. The administration cost also has very little to do with the wholesale cost of money.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #48 - Jul 6th, 2018 at 12:27pm
 
freediver wrote on Jul 6th, 2018 at 12:07pm:
Setanta wrote on Jul 5th, 2018 at 10:14pm:
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.


Why should the two be linked? Lending someone money to buy a new pair of shoes is a lot riskier than putting the money in the bank, especially when you consider that most of the time you don't get to charge them any interest at all. The risk involved has very little to do with the wholesale cost of money. The administration cost also has very little to do with the wholesale cost of money.


I didn't say they should be the same, I said they should be linked so they go up and down together depending on the economics of the time.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #49 - Jul 6th, 2018 at 12:30pm
 
Do you think they are not linked in that way? What do you think happened to credit card rates back when home loan rates went over 10%

Are you concerned the banks might lose money if interest rates go up?
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Re: We Owe $45 Billion On Our Credit Cards
Reply #50 - Jul 6th, 2018 at 12:40pm
 
freediver wrote on Jul 6th, 2018 at 12:30pm:
Do you think they are not linked in that way? What do you think happened to credit card rates back when home loan rates went over 10%

Are you concerned the banks might lose money if interest rates go up?


Mine doesn't go up and down, it's never changed.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #51 - Jul 6th, 2018 at 7:02pm
 
Setanta wrote on Jul 5th, 2018 at 10:14pm:
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.



OOHHH, one of my favourite subjects. You know I had an uncle who fought in WW2, served in the Middle East and Kokoda. Well, when he was getting on, I used to help him a little with shopping and stuff, to keep him in his own home and independent. One day he asked me to take him to the bank, and he brought the wrong passbook with him. It was '89 or '90, abouts, and interest rates were crazy. When we went to fill in a withdrawal slip I saw he had nearly 400k in his passbook. I was so angry I immediately demanded that we see the manager. My uncle had been with this bank his whole life, and while they were lending his money out to others at 18to22%, he was getting the princely return of 2.7%. I asked the manager why he had never been offered any investment advice as to putting his money into anything other than the lowest possible return, passbook accounts. He said people have to ask for that, and they can organise an appointment to discuss it.
I told him that he was a slimey little toad, that this man he was happily exploiting was a hero of our country, and deserved far better treatment than they had given him, and I wanted all my uncles accounts immediately closed, and cheques made up for the money. We then went to a bank down the road, put 20 grand into an everyday saver account, paying 8.5%, and 50k into a six month fixed term getting 15%, and the 350k or so left into a two year term deposit at 15.5 or .75%, I can't remember now, but it was a bit more than the six month rate.
Being from simple, but poor backgrounds, my family had no idea of finance and investment, and trusted the bank manager implicitly to look after their interests. In 1945, when he came home from war, it was true, but by 1990 it was an anachronistic idea, scoffed at as stupid and naive.
Business had adopted the WC Fields philosophy, never give a sucker an even break.

Fek the banks ,fek the corporations, and the fekkers who say they owe nobody but shareholders decent behaviour.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #52 - Jul 6th, 2018 at 7:22pm
 
Everything is like that these days. If you don't switch health insurance, electricity providers etc regularly you will be on a higher rate than everyone else.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #53 - Jul 7th, 2018 at 7:11am
 
freediver wrote on Jul 6th, 2018 at 7:22pm:
Everything is like that these days. If you don't switch health insurance, electricity providers etc regularly you will be on a higher rate than everyone else.


Yeah. I opened one of those NAB isaver accounts a few years ago. They promised me higher interest than normal savings accounts. I forgot about it for a few months then checked and the interest was really low. In fact it would be better to have the money in the savings account. I went and asked them about it and they said "oh no you only get the good interest for a couple months then you have to close the account and open another one". Seriously?

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #54 - Jul 7th, 2018 at 7:21am
 
Don't even bother with the major banks.
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