Older Australians caught in a credit card debt trap | 7.30
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Channel: ABC News In-depth
Views: 131,615
Rating: 4.8510823 out of 5
Keywords: Australia, credit, credit card, finance, debt, debt free, credit card debt, credit card australia, debt trap, debt trap australia, salvation army, bankruptcy, bankrupt, elderly, older australians, retired, retirees, retiree debt, banks, bank, abc, abc news, news, 7.30 report, 7.30, aged person, pension, pensioners, budget
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Length: 8min 29sec (509 seconds)
Published: Mon Jul 15 2019
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Anyone else notice they spend well over 20 dollars on a lotto ticket at the end. I mean I don’t blame them but still
I really hate it when people generalise hate for boomers etc.
But in individual cases of outright stupidity? Nah.
Some of these people were deliberately living way beyond their means, and with the lotto tickets, still are.
Financial literacy is one thing, but going on holidays and gambling when you cannot afford it? Nah. My sympathy gland just went dry. Or at least reserved a bit for people on NewsTart who can't afford holidays and gambling.
I felt bad for the first guy.
He looked like a hard working person, ashamed to be in debt, and just got caught up while trying to make ends meet.
Poor financial literacy seems to be a common theme.
Thanks for sharing 😊. I don't agree their debts should be waived though.
I can see my in laws ending up in this type of cycle and it’s horrible that they won’t listen to any of my warnings or advice.
They owned a business for years. Lived through it, business paid their phone, internet, car expenses, most of their groceries, etc. They lived well, eating out a lot, International holidays, etc.
They’ve sold the business, come out with insufficient cash to pay off their mortgage, and one is working casual for $500/wk, and the other is 2 years off pension age and not working.
They have a personal credit card from when they were in business with a $20k limit (cleared with business sale funds, but not closed despite my suggestion) and looking at their overall position they shouldn’t have one at all.
I can see this card being used to maintain their lifestyle instead of adjusting to the lifestyle they can afford, and then crying poor in a year or so.
Is it sad? Yes. Is it their fault? Absolutely.
Rather than waiver their debt, why not the banks offer them to repay their debt interest free? The banks make a loss from it, but it’ll force the people who owed those debt to be more financially responsible. It’ll also help prevent the debt from spiralling out of control.
They’re playing the victim game here when obviously it’s their actions that bought them where they are now!
Devil’s advocate. Here me out. If your like the first couple, renting, no assets and afraid of not being able to meet rent, why wouldn’t you just stop paying the credit card back. What is the worse that can happen to them? Nothing. They get a couple of angry phone calls, don’t answer. They get a couple of angry letters, don’t respond. Declare bankruptcy.
Surely they're old enough to know better.