Australian Credit Card Debt Blows Out to Record $50 Billion - International Social Equality/Unity

The above question clearly needs to be asked as Oz was once a thrifty, sensible society that abhorred debt slavery. Begin by asking yourself which culture actually promotes debt slavery and spending beyond its means, I’ve got it, Banker and Corporatist controlled AMERICA – give the man a teddy bear!

Aussies should be ashamed to follow the IMBECILIC lead of the most ignorant, ill-informed, under-educated, socially ENSLAVED and openly MORONIC culture on the face of the earth! And if you require a little extra ‘bagging,’ understand that those that follow are bigger morons than the MORONS that lead – how does it feel, Julia, the latest ‘doormat to Washington’ Prime Minister of Australia? A culture deserves its leaders – from one puppet to another, give my regards to puppet Obama, you servile, treasonous, bitch!

But back to the issue of mindless ‘plastic’ debt; it doesn’t take an Einstein to determine that the root cause of this blowout in PERSONAL DEBT is a lack of liquidity or available funds brought about by the DELIBERATE upward movement of available funds to the elite while WAGES for the masses have remained behind parity due to sustained downward pressure over an extended period! The RESULT is of course, ballooning, plastic debt, which is actually encouraged by the nefarious Banking and Financial elites to maintain a debt enslaved, easily managed, population -- you dumb fuck’s!

Haven’t you noticed the UPWARD movement of VAST sums of money to Corporate CEOs and Bank directors and the CONSTANT DOWNWARD pressure applied to REAL WAGES for the masses – you brainless twits?

Now let’s see if beer-swilling, wine-gurgling, apathetic Aussie morons are able to fathom a CURE for this UNACCEPTABLE, and UNPRECEDENTED DISPARITY!

I’ll give you a hint, morons; forget Unions in the workplace they are all clearly in the pocket of Corporatists and are thoroughly CORRUPT, as Hawke/Keating, Shorten, Gillard and today’s ENTIRE CORPORATE serving Labor Party clearly indicates.

The cure -- eliminating disparity and restoring EQUITABLE WAGES -- is SIMPLE but it requires SOLIDARITY in the WORKPLACE. If you feel that your Company/Employer -- based on profits and financial figures -- is short-changing you, then as a UNIFIED WORKFORCE demand fair wages or bring the company to a COMPLETE STOP; why YOU persist in slaving for others and NOT demanding your FAIR SHARE is beyond me, but I was raised in traditional Australia with Traditional AUSTRALIAN VALUES of mateship and the FAIR GO!

Equity is easy if we draw on traditional Australian values -- solidarity and mateship -- not only in the workplace but throughout society as a whole. And for those ignorant of Australian history allow me to inform you that traditional Oz values of mateship and the FAIR GO resulted (not so long ago) in Australia achieving the safest, fairest and most equitable wages and working conditions on the PLANET, fact!

The choice is yours, you pathetic fake Americans, debt SLAVE or FREE! The solution is readily available to REAL AUSSIES!

Now here’s an example of what ungrateful Bankers (and Corporatists) do when you have slaved for them and they no longer need you.

It’s time to think, REVIEW and IMPROVE Australia. Restore Australian VALUES to OUR culture and discard perverse American cultural exploitation and DEBT SLAVERY.

There's no denying that credit cards make life a hell of a lot easier, but the banks seem intent on making us pay for the convenience by charging unreasonably high credit card interest rates.

Interest rates on most banking products – such as home loans, savings accounts and term deposits – have come down in line with reductions to the cash rate by the Reserve Bank of Australia, but not so for interest rates charged on credit card purchases. According to RateCity chief executive Damian Smith, Australia's major banks are charging a 25 percent interest rate premium on credit cards – costing the average consumer $600 extra per year, and depositing $120 million a month in banks' coffers.

The average credit card rate is currently around 16.67 percent, but would be 12.68 percent had the banks passed on RBA rate cuts over the past five years. While they failed to pass on recent rate cuts (with the exception of National Australia Bank, which dropped the rate on its Low Rate Visa Card by 25 basis points on January 9), the big four banks all raised their rates when the RBA last raised rates in November 2010.

"The only thing that may change the banks' behaviour is if a large number of consumers switch from credit cards with high interest rates to low-rate cards," Smith said.

A dose of healthy competition may also do the trick. "Credit card spending has definitely slowed in the past two years and if that keeps up, banks may have to respond by lowering fees or lowering interest rates."

In the meantime, there are things you can do to ensure you get a better deal. The first tip, according to Smith, is to ensure you have the best card for the way to spend and make repayments. "There are plenty of people with cards with a high interest rate because they offer rewards, but you have to spend a lot to enjoy any benefits."

In fact, when you factor in the annual fee, you'll need to spend $60,000 in one year to see any benefit from rewards cards. When evaluating which credit card is best for you, take a look at the headline rate, annual and ongoing fees, and the number of interest-free days.

The most helpful tip is to ensure you pay more than the minimum repayment required. "More than two million people only repay the minimum, which is a risky strategy," Smith said. "A $5000 debt repaid at the minimum 2 percent per month will take you nearly 30 years to repay."

Inertia is the biggest factor holding people back from switching to a more suitable credit card, Smith added. "You can end up paying hundreds of dollars a year more than you have to by not switching to a better card. Of all the financial products, they're just about the easiest to switch – an hour of your time now can save you $500 this year."

© 2012 RateCity

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