Older Australians caught in a credit card debt trap | 7.30

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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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Wili Wds says:

One big thing can be done is at least give them electricity/gas extra voucher style supplements during the coldest and the hottest months so they can be comfortable at least cause there's nothing so frustrating as being way to cold and way to hot , and 300 have died with the flue already this year sadly

Dan Ltc says:

asic should enforce leverage ratio based on monthly earnings.

Ant Poo says:

The average Australian net worth is $ 1 million though .i don’t see many poor ppl, just lots of people with too much leisure time.

I have zero sympathy for these ppl.

tiptoptonic says:

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.

BigBollocks says:

The Philippine couple are typical of credit card misuse. At least they had some nice holidays.

Christian Marsden says:

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.

g mac says:

"If we have $5 left over, we buy a Lotto card", Why the poor stay poor.

heydido07 says:

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

Im old As dirt. says:

It's a credit card. Pull the rip cord and move on. There really isn't anybody that thinks credit card companies are anything more than thieves. When was the last time you ever heard of a credit card company going broke? Nobody will care.

A.I. says:

I really don't understand what is the fuss with "going on holidays" and "traveling around the world".
Yes, you've seen the Pyramids, the Eiffel tower, the Statue of liberty, how are you a better person than before not seeing it?

I mean, if going on holidays will give me special skills and develop my skills, then I would make it a priority. A lot of people hate to hear it, but seeing the world is a pointless endeavor, or that the return on your investment is very minuscule to the point that it is a waste of time, energy and money.
But whatever float your boat… I just don't want to hear the complaints of the consequences of people's pointless endeavors.

John sweda says:

Put in for bankruptcy then his debt will be written off.
After 6 years you can claim credit again. A credit card debt collection only have 6 years if they fail to recover any money back after this period of time they cannot demand the money back either.

Victor Victor says:

It's the Western Culture that's Causing this Crisis it Will Collapse Under it's Own Weight .

Richard Minh Le says:

Don't feel guilty because the bank creates that credit out of thin air. You are not actually robbing someone's saving.

Little Riceboy says:

If they put in 10 dollars a week into cryptocurrency they would have paid off all this debt in a heartbeat. There were only 60 days in the past 2 years that were unprofitable.

This is what happens when you have too much trust in the government and their crony run currency. Those who don't get out of government currency in the next 5 years will suffer greatly at the hands of negative interest rates and hyperinflation.

Haruhi Suzumiya says:

It'll take me max 6 months to pay my total debts

Simon Lam says:

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

Booth says:

The problem is the consumer.
Credit cards arent debit cards, stupid people are punished.

Ronald White says:

And these f…… politicians vote themselves a pay rise…..she’ll be right mate, no problems. Hahaha

Riley Humphreys says:

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.

Justin says:

Watching this, I feel a little vindicated about my choice to avoid credit cards and taking loans.

Rad Roman says:

You take on personal risk when getting any type of credit but when you have paid back double what you have borrowed in interest alone and still have to make payment then this is just broken. We need a law where it says that once your have paid double (for example) what you have borrowed in interest then that’s it the credit is over and paid

Stikibits says:

“The country is governed for the richest, for the corporations, the bankers, the land speculators, and for the exploiters of labor. The majority of mankind are working people. So long as their fair demands — the ownership and control of their livelihoods — are set at naught, we can have neither men’s rights nor women’s rights. The majority of mankind is ground down by industrial oppression in order that the small remnant may live in ease.”

Stikibits says:

Our society is built on GREED. All that matters is profits and personal gains…the continuing concentration of private wealth and power. It's the same within all tyrannical societies.

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