That's a very simplistic way to look at things OE. For some people a credit card is the only way they can pay bills or put food on the table. i.e. for those who already live a paycheque to paycheque existence losing a job means they have no income and their only hope of paying rent or eating is to use a credit card. It's pretty difficult for someone making a poor wage to get themselves back out of the credit card debt cycle. It's not just greedy or impatient people who find themselves in trouble.

Although I do agree about the one day loan industry being exploitive.

We got four returns this time last year for a lot less than $12k with Air Asia.

Cool. I don't think they go to the UK anymore.

Just had a quick look.dont think theu do.we flew to Paris.think the stopped that one too.sorry.

Would you mind terribly if I joined the lynch mob? I have my own flaming torch and pitchfork (pitchfork and straw behind ear being pre requisites for residence in shockingham)....

If it wasnt for the credit card we would have lost our house... Well incurred SIGNIFICANT fees... Whilst I waited FOUR MONTHS for the health service I work for to correct their error...

Having a credit card with a decent limit on it helps in emergency situations when you are cash poor temporarily....

Problem is when you are cash poor longer term..... And its happening more and more in WA with the two tier economy.... Those that work in mining and those that dont.... I kniw several families who have cut back to the bone and have relied on credit cards to pay for essentials hoping for a job and the jobs just havent materialised until they have some serious financial issues.... A temporary solution has turned into a nightmare for them.....

Not sure why everyone doesn't use these products. Far far better than Credit Card Interest. They hold the answer to both the above scenarios. As long as you can trust yourself that is. I still maintain despite the above posts, that the vast majority of people that get themselves into serious credit card debt are impatient people.

http://www.homeside.com.au/



http://www.choicelend.com.au/

I have one of those and also pay it off in full every month (if I even use it). They just sent me an email offering to increase the credit limit from 10 to 16k.

No, not just you!

Surprise, surprise, I ho myself from one frequent flyer sign on bonus to the next...I couldn't tell you how many different cards I've had since I've been in Aus!

Works for me!



...and 50,000 for Virgin Velocity this year.

Im trying to pick a card to go with..

Are the Virgin ones any good? Can get alot of bonus points signing up now.

Not at Nab. It is only $5

The Virgin Flyer credit cards are excellent. $99 annual fee - mine came with 50,000 velocity points (6 months ago)...you also get 4 free oneway companion domestic flights per year which you can use on any flight. That's an amazing benefit for a $99 annual fee - me and the OH both have the card and it's saved hundreds.

http://virginmoney.com.au/credit-car...lyer-features/

What good is a homeloan when you've got no income? Where does it say on either of those websites that people can buy food or pay the electric bill or put petrol in the car to get to a job interview?

It's nothing to do with paying it off each month. We always pay ours and have a limit of $50 k on both cards

Good points. I keep only one card. In 2008 it had a 15,000 dollar limit with a balance of under 500. In 2009 they notified me my limit had been lowered to 5,400. At this point my balance was zero. What the hell? I don't want nor need the extra limit. I guess its because i have never had to pay a late fee or overlimit.

It's not a home loan... it's an offset mortgage account, line of credit if you like... I'm talking about all home owners here. It's basically insurance against bad times. You only have to pay the interest on what you owe. You do need a house as Collateral though.


If your renting then thats a totally different story. The people I see getting into serious credit card debt almost universally have the latest cars, gadgets, designer clothes, expensive furniture and then wonder why they are in the situation they are in.

Like I said the real victims of the Credit industry are the real day to day people who are exploited like no other. I have real symathy for those. Which IMO are more likely to fit the bill with the scenario you painted and Eddie went through.