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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Credit Card balance transfer warning

Posted by on in Consumer Warnings
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Credit Card balance transfers warning..

Here is cc's comment                    Tuesday, 07 January 2014 ·                         

"and what about being tricked into thinking you can TRANSFER ALL debt from old credit card to new one at reduced rate for limited time.. This is bollocks.. because instead of having the intention of cutting up the old card I now have two credit cards!

My application for balance transfer to new credit card was done on line easily enough and I was expecting to be able to transfer all to the new credit card. Congrats, approval comes back... however only 3/4 of existing credit card debt to be transferred , so now I am stuck with 2 cards.. both have high limits (over $10K)

This is not what I was led to believe by all those "money gurus" on Current affair shows etc telling us to transfer all our credit card debt to a lower rate card. I tried to do this. I was Expecting to have all debt taken over by other card and I was ready to cut up old card at the higher interest rate. So finance gurus, tell the truth. It has been my experience that Credit cards are not wholly transferred over..

Now I totally understand how people end up with so many cards.. so easily... Trapped in the debt cycle.. paying minimum payments robbing "peter to pay paul".

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Comments

  • doyla66
    doyla66 Saturday, 18 January 2014

    Hi do you have solutions with Credit Cards as so meany of use are taped in this situation how can we raise up ? when we are sinking and then thy come for the house you own. Credit cards are a killer how can i get out of it ? please provide guides

  • Denise
    Denise Saturday, 18 January 2014

    I suggest you all lodge Credit Card complaints with FOS especially the offer to raise the debt was given to you. Look at FOS website re Credit Cards and it clearly shows where grounds for complaints are more than possible. Australians being charged a staggering $6.2 billion in credit card interest annually. Tom Godfrey of Choice is saying the market is dominated by THE BIG FOUR BANKS and that's not good for Consumers. Nothing in banking is good for Consumers right now as they are so dishonest, deceitful as we have proven time and again. Also start going to media as it is a BIG story of how Banks insisted on a Mortagge Borrower taking out THEIR credit card when they already had one. They said "you do not have to use it but it was always intended for borrowers to be trapped into unaffordable loans, panicking and paying the house payments off with Credit Cards and WHAMMO 22% interest for Bankers.

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