Older Australians caught in a credit card debt trap | 7.30
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- เผยแพร่เมื่อ 14 ก.ค. 2019
- In Australia, turning to credit has become a serious problem with this country now recording one of the worst levels of household debt in the world.
The Salvation Army reports that out-of-control credit card debt is the number one reason people show up asking for help.
Julia Holman reports that growing numbers of older Australians are affected and takes a closer look at the human cost.
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Why is Financial Education not a mandatory subject in schools?
They don't want people to be financially literate, banks prey on stupid.
To many lesbian basket weaving studies 🤪
Doom and Gloom, I fear after reading the other comments in this thread, that the education system may have missed teaching more than how to manage your finances.
It is in some schools. Just ask to see the school's curriculum. It should be nested somewhere in the HASS package.
@@meheretoday6968 Lol! Brilliant quip! :)
I feel bad for the first couple but I find it hard to empathize with the second when they've used credit to fund their lifestyle choices. At some point you need to be accountable for your own actions
Simon Lam same!
It was nice for one of the bank to waive the credit card bill for the couple.
Ye and after boasting about travelling on the banks dime / credit cards he got one of the $25k bills cancelled. I never feel bad for the banks but that’s BS.
Baby boomer mentality
@@jimethota
G'day
Nope.
"Baby Boomers" were born in the 10 years following VE/VJ-Day in 1945 + 9 months gestation...
So, because one of these Men is 78 (born in 1941) and the other one is 59 (born 1960) ; then neither one of them is a
"(Post WW-2) Baby Boomer"
I was born in February 1961, my mother was born in 1936, my father was born in 1909...; there is no way that my conception occured as a result of Hitler shooting himself or Hiroshima & Nagasaki being nuked...
But ignorant Arseholes (like y'self) habitually talk crap about people like m'self being "Boomers".
Recalibrate your perceptions and correct your termimology, or forever paint yourself as a FOOL.
Just(ifiably ?) sayin',
Take it easy.
;-p
Ciao !
"We love to travel, to over 50 countries" paid for with credit cards you couldn't afford, then beg for debt relief. Shameful. Live within your means!
Well said, stupid couple bragged on about their travel using money they don't have.
My dad always said if you have 2$ in your pocket, spend one and save the other. I don’t have credit cards, but am hopeless, I need to save some away for a rainy day. I ow 10$ to the. Lawnmower guy. Apart from that it’s the bills that make life difficult. Can’t escape the dreaded bills.
I can understand if people are desperate and use credit to pay their bills, but come on using credit to travel, that’s not a necessity, it’s ridiculous. One doesn’t need to travel as you can see it all on tv anyway.
Can't expect much from Filipino immigrants
Mr Awesome I agree. Though once we get behind , it’s hard to get back on top of things. I’ve had that trouble before, falling behind with bills.
If you can't tell a friend your broke, they are not a friend.
Unless the friend is broker than you
If you tell your friend you're broke, he'll soon know what next.
Very well said, Sir .
@@babyface7596 Thanks.
It may not be the friend's fault, either.
Credit cards are a curse I was in $16000plus debt on anz visa with 20plus interest rate....i worked like a dog and paid it off....never ever again...NEVER!!!!
Debit card for ever
@@ullah8334 Pay cash. Take out a set amount of cash at the start of the week, and once you spend it all, stop until next pay day.
the stupid to that... declare yourself bankcrupt and all wiped clean within 3 years!
Yes credit cards are ridiculous and people get sucked in.
20 percent??why it's too high
I love the last line. He’s going to throw money away on a lottery ticket ! Proves there is always room for another bad decision.
Or smoking.....
yeah, that kind of sound financial decision making is probably part of how he ended up here in the first place.
Credit cards are the narcotics of the financial world.
Our schools need to start teaching about money. How to invest when you are young, how to financially prepare yourself for hardship and learn what is good debt and bad debt
Students are taught how to be employees by employees.
The government and their owners don't want financially educated people as it doesn't suit their needs.
The fact is the education system works well for the people who run it so there is no need to change it.
I wish I knew how to invest on stuff. It looks so daunting.
@@darthwookiee77No more daunting then leaving your money in the bank.
A good start is checking out some of robert kiyosaki's work.
That being said expect a lot of what you though knew to be wrong.
They would have to cancel some lesbian basket weaving studies to fit education on money into the curriculum.
@Rosemary Mardardy If I was to take a bet I'd bet a sparrow flying to the moon with the parliament house tied to it's feet has a better chance.
The reality is the government, banks and big business doesn't want an educated population who are self reliant and can make rational financial decisions.
This doesn't serve their interests.
It's called living beyond one's means.
Banks charging 11-20% on credit cards when RBA has set official interest rates at 1% is a question our politicians need to address. The Royal Commission did not go far enough.
Mortgages are not even 5%. 20% on credit cards right now is a joke
Well if there's one thing we can all agree on, the Royal Commission definitely didn't go far enough. But I believe it was designed that way.
Hahaha. the politicians work for the bankers, not the people they extract taxes from to pay their exhorbitant salaries.
Royal commissions are a joke designed by people who need to make people believe they are doing something to ensure their salaries for doing nothing continue.
Why its peoples own choice to get one, and the most insane thing is that guy got no limit on his credit so now he spend 50% of his income on debt, there should be a stupid people limit so those things don´t happen. That´s why they are asking 20% no way in hell will they get even half of that money back from people
21% interest cut the credit never use it. PERIOD!!
damn someone with some sense...well said..
1: health issues, ran out of money💔
2: I like to travel, ran out of money 🤷♂️
We need more people following the Dave Ramsey plan
Hahaha i was just going to write that. Seems like its the same story here in Australia as it is in the US. Credit cards are a curse. I binge watch his videos to remind me to not go into Debt
You don't need a Dave Ramsey plan. When I started my career in the late 80s and read credit card companies charged 27% interest. That alone told me CCs were bad. My wife had to force me to get a CC in 1997 because I went on business trips and travelers cheques were inconvenient to use. I still avoid using CCs, mainly use cash for everything unless I'm ordering something online.
I think its hilarious that every says go to Dave Ramsey. Its not rocket science. Its a budget.
You still need a job. Even Ramsey is no good to someone on Newstart
"If we have $5 left over, we buy a Lotto card", Why the poor stay poor.
^the poor spend, then struggle, then gamble and beg
The rich research; learn from failures of themselves and others; make strategic moves- if fail they learn- if success try perfect it, aim for passive cash flow, then spend the excess
@@unprotectedhex1716 Are the poorest in the Australian society supposed to starve? Not all the older people spend on credit cards rather they will go without. The problem is those who earn $200,000 or more can't understand how degrading it is for those who have to scrape every day. $200,000 P.Y. is a reasonable income but these days people want the best of everything. Perhaps Australia needs a system like they have in America where all wealthy companies donate 5 - 10% of their untaxed income into a central fund. People who get into financial trouble or want to do a higher education can apply for Grant's which don't have to be repaid.
Greed is a curse and the richer get richer, the poor get poorer.
@@unprotectedhex1716 The rich constantly get scammed out of their money. The difference is that they can afford to fail a lot more often.
Also the system is designed to keep the poor poor and the rich rich, as evident by 22% credit rates.
That's also why the best indicator of your success in life is how rich your family is.
exactly.
@RaoulDuke6666 I didn't say that I wanted the poorest in our society to be poor. Read my comment again carefully, I stated that not all of the poor use credit cards....I stated "some of the poor people will use credit". The remainder of my comment was with regard to the system used in America.
I only used credit cards as charge cards; in other words, I never carry a balance from month to month.
Likewise I use it for everyday living, no transaction fees and I get 1 percent back on regular bills, paid to zero every friday without fail, the bank are paying me to use the card, they hate customers like us LOL
@@ubonrat8653 they don't hate you, they're still making money off you. They just don't like you as much as people who rack up interest;)
@@giantsquidMAN yes your right they make a percentage from the merchant when you buy, banks always win one way or the other
Me too. I personally think that it is much easier to manage my monthly spending with a credit card than with a debit..( I just need to check and keep the total amount to pay each month under a self pre-set limit). People blame credit cards when they should blame their lack of self-control. Do not spend beyond our means. That is all we need..and if used appropriately credit cards are so convenient and beneficial (the credit card I use has a gift point-0.5%- program for the amount spent)
@@whereareyougoingwherearewe806 yes and there are no transaction fees with credit cards unlike debit as you stated keep it in control and pay back to zero every pay day, collect reward at the end of the year
Not just in Aus but an epidemic around the world. People will work until they drop dead. Few people will be able to retire. Student debt, personal debt, stagnant wage, high cost of living.
So old mate has an overseas holiday in the plastic then get's a debt waiver?? Guess who ultimately paid his debt.....everyone else. Nice gig if you can get it. They appeared to be religious....I see this a lot. Avoid responsibility then pray, pray, pray it all goes away.
The definition of prayer is how to do nothing and still think you're helping.
He should of gone overseas to Thailand by himself picked up a better fuck than that 🤣🤣🤣
They should give them a break on the interest charges, but still have too pay back the principal.
@@iamasmurf1122 like the one you picked up at the ladyboy bar in nana plaza mate 😂
I can’t believe they ended this video with the guy saying he wanted to pay off his debt but buying lottery tickets. That sheds a lot of light on why they’re in their situation. With all sympathies, their credit counselor needs to teach these people how to be financially literate and not begging the banks to forgive their debt.
Not once did any of them acknowledge the irresponsibility of their own actions on camera. Its sad but these we're many bad choices that escalated. It's not simply a one off bill paid on a CC. It hasn't helped that Australia missed the last recession, which has meant the credit frenzy has just kept going unlike in other places.
To be fair, the first couple only took out loans for emergency medical expenses.
Medicare only covers medications to an extent and they seem genuinely remorseful to their situation.
I don’t feel bad for the second and other couples. How are paraprofessional retirees still broke? The Asian couple, for example, want all the benefits and none of the responsibility.
@Tomthebomb Watch the video again. The cost of meds is not the issue. It's her poor health that caused her to lose her job which cut their household income by half
@@robocop581 If bank interests are high people would save - capitalist societies are supposed to value capital or people's hard work - which is savings - instead all the funds falls into fancy financial schemes conjured up by greedy rogues
@@nayanmalig Savings are a surefire way to lose capital every year from inflation. You need to invest. If you don't that ten bucks will be with 2 bucks in 20 years. The people in this video not only didn't save which means they never thought about investing.
@@robocop581 Investment comes later - first humans must realize the value of money AKA their labor - not everybody can be investors - Warren Buffet "the great investor" is a multi billion dollar bailout recipient - it's an insider game - when a person who gets 4,000 dollars try to live like as if he earns 20,000 the shit will hit the fan eventually
Ordinary Australians struggle while Corporations make huge profits and pay no tax at all. In a country that's blessed with natural resources we shouldn't be having these kind of problems.
The resources of a country belong to the people not govt. Every Australian should receive a big cheque every month, it's a rich country. Stop mining as it's not serving us, just adding to destruction and pollution.
@@flyingrc2041 I have a job and a small business and unlike big corporations I don't ask for handouts from the government. Are you a Russian troll farm employee or something flying rc?
21% interest on the card debt .. criminal
Made mention of that too 21% is thievery.
@@olusegunadebayo5306 One bank from Romania just changed in June from 24% to 25% with just one mouse click, because others are at 26%. I will never have a credit card. And this 25% is cheap with every payday loans at every corner!
Hmm, second couple taking trips all the time have to realise that they are kicking the can down the road. I've had one holiday in the past ten years because I'm trying to secure my finances first, even though all my friends have travelled way more than me. And yes, I'm a millennial. Financial Ed needs to be mandatory in schools.
"Mandatory in schools?" Well, it's too late for Boomers and X-ers.
If you think things are worse, wait until cash disappears and money becomes "digital". You will have 75% of people stuck in the situations described in the video.
It is amazing how some people think. A holiday is a luxury that should NEVER be put on credit card. Ever... It shouldn't be even done unless one has some savings left. Smh
Interesting the level of interest these parasite banks charge for credit cards (up to 20% p.a.) as reported in the program, yet they only pay 2% - 3% interest on savings accounts.
Or if you put your money in index funds you will get a approx 9.5%...
It’s way worse than that it the US. Credit card rates are up to 29% and interest on most savings major bank accounts is .01% so it might as well be nothing. I finally changed from a big bank I was with 20 years to a local credit union to at least get 2% return on savings. Stocks and real estate are the only way to get a real return. It’s risky and not as easy as it used to be.
People always want it NOW these days and just can’t wait to save the money first they also live out of their means as well...
I'm fifty two and try as I might I can't save to get what I want because it goes up faster than I can save.
I'm back on Newstart due to a work injury that Allianz knocked back my claim on.
I can't afford to eat more than twice a day because I have to pay for my yard to be maintained and it also uses up the money I should be spending on Physiotherapy.
Thankfully I'm not a rampant consumer and I don't care to go out.
I'd like to do things but I just remember my life before 1993 when I had an income that allowed me to do something besides watch TV all day
Holy crap! How can I sympathise with the jet setters when there is a clear case of lack of accountability and planning for their future/ retirement. You reap what you sow.
It’s sickening to see people getting themselves into debt- knowing fully what they are doing - then blaming he banks for giving them a credit card. It’s pathetic.
I agree. Blaming the banks is one thing, but full personal responsibility is another, It's not the banks fault if somebody runs up credit, although the banks do their best to be responsabile. It's up to the credit card holder to be careful regarding credit card usage.
@@2011smperry 21% interest charged means the bank is doing its best to rip off the user.
Australia needs it's own version of Dave Ramsey.
Curran Kemp why can’t they just follow Dave Ramsey?
So does England
I've heard callers call from other countries so they do have access to Dave Ramsey.
Curran Kemp they do ‘barefoot investor Scott pape’
That money that they spend on lottery tickets should be going to paying down their debt.
@monsieur fortuna if everyone chipped in every week like they do with lotto raising hundreds of millions of dollars.
Problems would be solved
It could be a pool of money every week that could be spent wisely.
Lotto is a scam...
That's what I was thinking when he was buying a lotto ticket. He should put that towards his debt, food, or shelter.
For anymore who needs an Australian Dave Ramsey: The Barefoot Investor
Thank God I watched this on TV 'cause I do not ever want to be like them when I get much older. I do not want to be struggling for electrify or for food or such nor do I want to be financially unstable.
This country urgently needs personal finance taught from high school. There's absolutely no need for this to happen.
This country desperately needs a credit free enema. No more debt..
They don't want that. They repeat history ww2 stories nazis communism. Pointless useless education
What a crock. Borrow to travel overseas then get mission Australia to wave your debts away lol
Credit Cards are the first step to going into financial ruins. I saw many people put themselves into debt because they were honestly just irresponsible :(
I 100% agree. I ended up in financial trouble years ago because of my own stupidity. Credit cards = Stupidity. I don't touch them now. I used to have a 800 credit score and was broke. Now I have a low credit score (because I don't borrow money anymore) and I have money. Go figure.
It’s all about moderation. If used right, you’ll have an 800 credit score and have money.
I can't believe that guy got half his lifestyle debt waived... how do I get half my mortgage waived?
@@HammerLeaf good point lol
My heart goes out to any family struck by chronic illness, it is just so expensive even with Medicare. It is crippling.
Never borrow money from banks, or any organization! Unless it is an emergency, and can not be avoided. If you want something, save up for it.
Generalization rarely works.
I never borrowed money for consumption but took out mortgages to buy a home.
Those cost around 5% p.a. when we bought and we renewed our last bit at slightly above one per cent.
After some initial years of heavy down payments, we calculated that this worked out very well for us, basically leading to saved rent and appreciation several times higher than interest paid.
It's not "never" but rather "know exactly what you're doing".
Avoid cards and banks as much as possible.
He looks older than 59 years old
... someone please cry me a river.
Who forced them to take out loans and credit card debt? Oh yeah, no one.
Good series though, thanks for the upload 7.30.
Both couples would benefit from the Dave Ramsey approach to debt repayment. Chopping up the cards should be the first step.
The first couple needs to get their income up somehow and prioritize core living costs (e.g. rent and food) over paying the credit card bill. Not sure if the first guy is working 40 hours if he's making $800 per week.
The second couple has a spending problem, so a written budget will be of greatest assistance.
Debt settlement may help both couples in the short term, but they will end up in the same spot again in 3-4 years if they don't start living within their means.
On one hand, the first couple cannot really afford to live in a big city but they need to live in the country when the rest is cheaper (that's what some of my friends in their 50s are planning on doing). But then - will he find any job at all if they live in the country - that's a question.
Three thousand dollars is something like two years salary for the average Indian - when you reach the thirties it's important to change the lifestyle to a healthy one in all areas - food, drinks, habits, exercise etc and save for a rainy day and be debt free - then hope for the best - easier said than done of course - there are unfortunate circumstances and some people need help anyway
what ever happened to buyer beware and personal responsibility? oh right, participation trophies and every child wins.
The second couple are just bell ends
The first couple I can empathize with because medical debt is a big problem that only gets worst (because of loosing ability to work). But the second the couple... spending money and get into debt to travel? Sympathy is in short supply.
2008 CD rate is 5%, now is 1%, and credit card APR still 23%, no legistration ask credit card company why
Shawn C The rates on credit cards are so high, it’s criminal. They were once a nice convenience but at these rates, I don’t see them as a good option for anything. Instead of a credit limit, I have savings. If they ever want my business, for credit, they will have to offer a reasonable interest rate of well under 10%.
It is absurd that the government doesn't set a cap or peg it to mortgage rates. Credit card rates shouldn't be higher than 7.5% at present.
Wait a second. How does a counsellor convince a bank to waive your debt???
Simon Jian it happens. Usually gotta have good amount of collateral damage just in case
You don't need to be a counsellor, you just need to look through the transactions details, prepare your arguments and talk/write like a lawyer.
Back in 2013, I went mad one day when I realised that a local bank was feeding itself on my pregnant sister's bank account. They were charging her $20 for sending overdraft reminders/letters every 14 days and she ended up paying $1500 over 9 months in commissions, charges and other BS fees. On top of that, the bank would not let my sister change branch, although she had requested to do so many times. They never called her for a meeting to discuss her situation or advise her about how to avoid the debt spiral. My sister was so stressed that she ended up delivering her baby prematurely.
I wrote a slicing letter to her banker and threatened to put the case forward to the National mediator/mediating body. Banker called us for a meeting and I had a tit-for-tat exchange with her about her appalling practices that betray the bank's mission statement. I guess she started to worry about her reputation and her career as a "bank advisor". Within 2 weeks, all the fees were refunded and my sister could finally start saving her meager income and focusing on her newborn.
As said in the video, banks LOVE to prey on the low income earners who are not good with credit, overdraft and debt. That's HOW they make money for themselves.
Threats?
A counselor will instruct you to stop paying your credit card entirely and send the account into bad debt. They already know they’re getting nothing back so they’ll work with the counselor to close the account and arrange for you to pay back about 50% of the debt. This saves them the trouble of having to sue you in court which would probably lead to a similar result. The result for you is a new lifestyle with a bad credit score and an inability to get another credit card for a while. But you also avoid bankruptcy which is the most detrimental thing you can do to your credit. A single bankruptcy can now haunt you for life.
Our country is starting to end up like the UK & USA. We use to be a wealthy a country but now we are becoming increasingly poor.
We were never a wealthy country... history shows that most of the population have always struggled financially. The difference is that now people 'expect' more and think less about where the money is coming from... no I am not talking about the people in the video... our parents and our grandparents (well mine at least) lived within their means and it appears that this little rule has been ignored or forgotten by many.
The ABC should do a story on people who don't take out credit, who can manage money, can live withing their means and are living easy, there are lots of people who have done it tough in life and have a positive attitude and never fall into the credit card problems. these people need positive advice from those people as there are ways to make extra money apart from your employer.
actorzone and you think the rich got rich do you by living within their means ?? Living within your means is one of the biggest crocks of shit around , debt is a useful tool and you can use debt to leverage your lifestyle to buy houses etc.... in fact it’s the quickest way to get rich , these people just don’t know how to use debt is all and instead of being pro active have a winge !! I myself was on the dole had no job and paid off $10,000 on credit in 6 months , while having a car and while renting a flat by myself and paying off bills , it’s a lack of financial brains that’s going on here
This is what i find hard to understand if u borrow someone else money u gotta pay it back
I had my finance for a car in 1989 with GMAC. I was paying $604 a month so almost at end of 4 years GMAC repossesed my car I sign for them to get direct debit, so. I hady car back next day so after. I paid all except. The last month I took the money from the bank and I went to GMAC office to pay the last payment, I handle the money to the lady and she told me to wait
She's back and said the boss said you must pay more,$3,000/I told her no
I'm going to a Lawyer ,I did after perusal off all my receipts the lawyer told me GMAC owes me money..so the lawyer rang GMAC and they told him that they not asking for any payment,they lie...the lawyer rang Vic RDS that said ..the car is mine I paid full amount and extra money,I ask the lawyer to go to court,he said because 2 years pass he can't do that
This is why I only have a debit card. If I run out, I live until my next paycheck on oatmeal and pasta. Terrified of the dept trap
YOLO. That's all I hear now from people nowadays. You can't enjoy your money when you're 65. I agree except I won't use my credit card to pay for those precious life experiences. Save up first, invest, then use part of the proceeds from those investments to travel. And avoid renting when you reach retirement as you'll be under the mercy of your health and Landlord.
It amazes me sometimes how people don't comprehend that when you use credit cards, you have to pay the money back.
Speak with a financial counsellor they can move the earth when it comes to creditors. Especially with their FC rate the bank survey coming.
800:a week seems like a pretty decent income.
he needs to go bankrupt 800 a week and a 20% interest on 50k he needs to work 12 weeks just to pay the interest..its not doable.
There are lifters and leaners as Abbott and Hockey used to say... so the quiet, hard working and aspirational Aussies aren't criticized.
But it appears the elderly are now also in the firing line, racking up huge credit card bills on holidays they can't afford, extra food or heating their home.... like their younger counterparts, who would rather eat avocados on toast and live in the lap of luxury on the dole than save for a deposit on a house..
In an economy going gangbusters with millions of jobs.
What a shameful self indulgent society we've become.
So you borrowed money to finance your life?.....interest is not so complex of a thing to understand... They don't realise that the debt being carried is destroying the economic system debt should not be used so carelessly.
Dont pay the credit card bills. They are unsecured debt. They can't do anything to you.
Unsecured debt. Do not acknowledge the debt and they can not do a thing!
It’s a predators and victims society. Life is a never ending struggle and ultimately futile and no one cares!
So annoying and I find frustrating. Greed greed and more greed by society. Lack of personal restraint and living within your means. I have nothing but am in my own house with no mortgage and got there as a single mother from busting my guts working and by going without. While I was spending less than $30 per year on shoes and cloths, no haircuts and not buying junk I got into my own home from $50 thousand from my divorce. Meanwhile my friends getting half a million in their property settlements are now homeless but spent their lives partying and going on overseas trips and buying designer clothing and living at the beauty parlour (meanwhile I've not ever stepped inside of one). Those same people are now crying about how poor they are and homeless and yet they spent their lives living beyond their means and have the gall to tell me how lucky I am when luck has nothing to do with it. Many poor people are that way by circumstances beyond their control but people like those in the above story spend up big and live the good life instead of living with responsibility and then cry poor. Help those that need help not those that live it up big and then expect a handout when they run out of money to run around the world with.
I'm 69 and I have NEVER used a credit card. The answer is simple. Living within your means. Sure I don't have a new car, but the one I have is worth $13000 that's good enough to get me around. Paid for with cash. I find it hard to have sympathy for these people. Everyone knows that credit costs.
Sounds like a story direct from the U.S.
Nice advertisement for those pharmaceuticals on the table
First couple: borrowing to make ends meets. Second couple: we travelled the world on credit cards.
Im 67, debt free. Haven’t had a credit card since 1987.
Im 68. I have fourcredit cards, but pay any balance owing each month. Theres nothing wrong with credit cards. You have to live within your means.
It'll take me max 6 months to pay my total debts
Bloody sad for thst bloke at that start. For a wealthy nation as ours, we should start taking care of our elders. Those who worked for decades and paid their taxes. THEY BLOODY DESERVE BETTER!!!!
Declare bankruptcy. Simple & painless, especially if you have nothing further to lose. If you understand how these banksters create money out of thin air you will KNOW there’s no shame in not paying off these ‘credits’
Doesn't Australia have private insolvency as a way out?
I'm not surd about the second couple - but the first one appears to have no material assets worth mentioning and a modest income - in most countries, there would be no waiver negotiations but a declaration of bankruptcy and a clean slate after some time.
asic should enforce leverage ratio based on monthly earnings.
Don't buy what you can't afford, if things you need are out of your means increase your means, if you're in a crap situation such as these you'll have to go through hard times to solve it.
Both major parties have told me I have absolutely no value to my country other than as a consumer. We need to stop blaming only one side of this. The marketing industry is out of control
they are the one to be blame for their debts, no one else spend beyond your means is digging your own grave.
Omg, They put money aside to buy lotto..... not to pay back debt or put into investments. Poor stays poor.... I am sorry
XO Sauceror hey what’s wrong with gambling heaps of rich people do it , Kerry packer one of Australia’s richest was a big time gambler , you know hardly anything mate
@@iamasmurf1122 you are a clueless one aren't you. They are in debt and worries if they'll be able to afford rent. And you are saying its not a problem to gamble whatever they have left?
Rents should be halved, followed by house prices.
Flying RC you don’t know anything about the guy at all and you are saying he’s a problem. Lol
@@flyingrc2041 Supply and demand was a scam. It was all about the availability of credit. You are a fool and want us to live in fool's paradise.
@@flyingrc2041 Nah you're just a judgemental prick.
It's called responsibilities, you spend you pay back a simple as is . To much nonsense
You spend AFTER they let you earn. When cost of living is galloping, while wages stagnate you have less to spend, and then when you cut on essentials (electricity, heating, etc.) in order to pay the rent, you start to pay essentials by credit card. Then, society blames the victims for the ROTTEN system it has created.
This is called "FAIR GO" in "THE LUCKIEST COUNTRY"!
So sad and the interest rates on credit card debts are criminal.
Credit cards are scum. That being said, if you load one up for overseas holidays, you need to take a long look in the mirror.
Debt is a very negative cycle and takes a huge emotional toll. It's very easy to loose control and very hard to regain it again. I hope both couples get a second chance to live debt free.
Lotto = stupid tax
Gerard, with his soy flatwhite and speech impediment, brilliant.
Rich dad poor dad, gets you 95% of the way.
There are money apps like Spending Tracker that allows you budget and spread the cost of an expensive item like a $400 vacuum 2 years so it costs $4 a week to pay off. The $4 comes off your weekly income until you pay it off. This is a great way of paying for unexpected expenses without a credit card and no interest and you know exactly how much money you have left to spend that week.
In the UK they have a thing called an IVA, its like declaring bankruptcy but not as bad. You have to set up a payment plan and it gets checked. They great thing bout it is its all done in 5 years. Remains on your record for 6 (I think).
Gambling den in every corner of Australian cities are one of the causes of many Australian family's financial problem who are addicted to gambling.
Nick Garillo *text mystery_hacker79 on Instagram he’s an expert*
omg turning out the lights and not using the heater! my god! if that's supposed to be scary then the world is screwed, its pathetic that we are so wasteful as to think that is not a luxury.
Do people not know that credit cards and loans are not free money and you always have to pay more than you get! I feel bad that they are trapped in the debt cycle but then it's all by their own making
Here's a clue....... Cut up your credit cards! And financing your overseas trips with plastic, what can I say.
It disgusts me to watch so many personal loan ads on TV leading up to Christmas. This should be regulated.
Damm he still has a tube Tom wow that’s how you can tell times are rough
Australia needs Dave Ramsey
I think when people get to retirement age and the credit card is out of control the way that the first couple are in the credit card DET the credit card company should squash the high interest rate on their credit and provide a once only mortgage interest rate so they have half a chance to get out of the DET
That’s terrible :( I feel sorry these people.
Regarding the second couple featured - so the 50k credit card debt is because they chose to take multiple world wide vacations. Unless there are other factors not mentioned, there is no sympathy for their situation nor should they have their debt lowered or forgiven. U racked up debt for a non necessity and now u want the debt removed. No way.. u need to pay off the debt..until its paid off or ur death..whichever comes first.
Exactly.....using lm old and sick to get out of debt is ridiculous
We can't all rely on good publicity seeking banks cancelling our credit card debts when we get old and destitute.
This is why we should all give to charity, so we can help finance older people who lived the high life travelling the world
I hope Oz doesn't start doing revere mortgages, if you haven't already. That draw from your 'super' help solves 'NOW' problems, but come 30/40 years, the county i going to get hit hard again with eldery not being able to live
I applied for a credit card and got declined