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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 Transfers - The Low Down on being a Card Tart

Posted by on in Consumer Protection Disaster
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Beat the Banks at their own game and become a  "card-tart" as the banks will call you.  For example: If you have a $10,000 card debt, ring a rival bank and ask for second card.  Suddenly your interest is at say 2.5% for honeymoon period of say 12 months (some are 18 mths).  Your Bank "A" Card is now ZERO. Obviously your aim is to not spend any more on any card until the $10k debt is completely paid off.  Your new Bank "B" Card shows balance of $10k DEBT.

DO NOT SPEND even $1 on the new Bank "B" Card.  Yes, even over the phone, the Banks will then send you ten pages of small print that even ex Chairman of ASIC Tony D'Aloisio admitted, he read and could not understand.  It does not say in BIG PRINT: "do not spend $1 on this card until all the Balance Transfer amount is paid off.

What happens if you spend say $2000 on purchases on Bank "B" Card?  Then the money you pay each month comes off the interest and fees but off the new debt first:  at the HIGHER Rate and, nothing is coming off the OLD debt you aimed to get rid of at the LOWER RATE.

Use Bank "B" Card for only reducing debt - NO SPENDING.  Otherwise its a fine chariot, affectionately known by banks as the DEBT TREADMILL.

Banks do not care about YOUR FUTURE, or YOUR CHILDREN's future.  Banks care about themselves and the fat executive bonuses.

Of course ASIC receive $450 million a year for doing nothing - and APRA around $200 million and no-one is protecting consumers.  The Consumer Protection Laws are left on a dusty regulatory shelf UNUSED by either ASIC, or APRA.  Yes there are laws to protect you but the sham regulation AND LAWS WHICH ARE NOT APPLIED IN COURT because ASIC is too lazy to bother, means you are left UNPROTECTED.

If you are then tempted to use a card for an urgent necessity purchase only, then use Bank "A" Card with zero balance.....but sparingly please.

AIM to live without credit cards..................for the sake of your family.  Banks will then label you as a  Card Tart.  OK.  That means they know you are using their cheap money offer to spend nothing and to reduce your debt to Bank A immediately, but then use the 12 month honeymoon wisely and pay all DEBT on Bank B, before you spend one dollar. 

Credit Cards are the most expensive DEBT in the world, and why would you want to become involved?  Use the cheap money to get out of debt but never ever add purchases to new Card.

Banks are never your friend.  Do you remember Jesus and the money lenders?  He was not amused either.............................banks will try their utmost to bring poverty to all of us if we do not wise up.

Print this warning off and send to your  grown up children...........................Tell your friends...............

This email address is being protected from spambots. You need JavaScript enabled to view it.

PS Take NO notice of "reducing debt advertisements...................."  Anything licensed by ASIC has to be a scam of sorts...................meaning a PLOY to NOT TELL YOU truths and not in your interest but a conflicted interest favouring banks.  Those that tell you "debt free" "break through debt" "recover from debt" are merely licensed agents of the banks doing hardship deals so you will NOT DISCOVER THE BANK FRAUD...................................ah yes, game plays on and, ASIC licences this nonsense.  ASIC is famous for its OMISSIONS.

In fact ASIC it appears, is engaging in MISLEADING AND DECEPTIVE CONDUCT, allowing FALSE AND MISLEADING info to be sent out to those who desperately need help from anyone but Banksters and, useless ASIC.

So ASIC is permitting desperate people to again fall into the hands of greedy bankers and giving the agents a licence to make a killing..........................

"Where does the Government find these people?"  Ah yes crawling out from under a rock - same gene pool.....................

Write a third submission under (f) Terms of reference: any otehr matters....CREDIT CARD SURVEILLANCE by ASIC is dysmal.

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Comments

  • doyla66
    doyla66 Monday, 06 January 2014

    The government, past and present shows a reluctance to deal with consumer debt. It was only because Independents held the balance of power in the previous government that gambling and poker machine debt was tackled as a result of Andrew Wilkie's persistance but that deal was watered down at the first opportunity.

  • doyla66
    doyla66 Tuesday, 07 January 2014

    my problem was that a zero balance for Card A (which was my intention) was never achieved. So now have 2 credit cards both with outstanding balance.
    Has this happened to others? Did anyone achieve Zero balance with their card "A"?

  • doyla66
    doyla66 Tuesday, 07 January 2014

    The Government are scared out of their undies it appears to touch consumer debt. Can you imagine the can of worms that would be opened up. Wow! It would be never ending. I'm sure we would all love to see the banksters explode into oblivion,but not before we are all compensated for the horrendous atrocities the lenders have put us through. Conjures up a laugh just thinking about it. I mean the banksters exploding. You don't suppose I have lost the plot, maybe this is just getting to much for me and I am being sadistic.
    I don't think so.!!!!!!

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