Newsletters and Bulletins

RCR Finance Bulletin # 18 - Friday, 24th October 2008

Credit Card Debt Crisis

Over recent times we have received increased calls from clients about the level of credit card debt they had accumulated due to excessive consumer spending. All expressed a burning desire to consolidate these debts into their home loans to get affordability back on track.

The main problem here is that high interest rates and minimum monthly payment requirements on Credit Cards tend to wreak havoc on personal budgets, lifestyle, and ultimately quality of life. This simply creates personal stress and ultimately affects our relationships with those around us.

This trend seems to have risen to a point where we felt it was critically important to get a message out that if you are in a similar position whereby you have one or more credit card debts that simply won't go away, then you really need to give us a call to discuss formulating possible solutions to this.

Many we spoke with had been under the false impression that they would eventually pay off their credit card debts in the normal course, however, the reality is that "eventually" never seems to come around, because no sooner did they pay down their cards, they loaded them up again. It's a never ending vicious circle that must be stopped and addressed properly.

If this relates to you, then understand that there is no shame or embarrassment in this - there are many others in the same boat - it's just that no one admits to it . As a nation we have again been drawn into a cycle of consumer spending more than we earn, and we simply need to draw a line in the sand, fix the problem, and then never go down that road again.

To coin an ocker phrase that is oh so true......."if you ain't got it - you can't spend it".

If Credit Cards have become a problem in your life, then please feel free to give us a call to confidentially discuss possible solutions.

DISCLAIMER...The information contained within this Newsletter / Bulletin is of a general nature only and is not intended to be relied upon or to be construed as the giving of professional financial, legal or economic advice. RCR Finance Pty Ltd makes no warranties or representations whatsoever regarding the quality, accuracy, or otherwise of any material contained within this Newsletter / Bulletin. RCR Finance Pty Ltd will not be held liable to readers or users of the material contained within this Newsletter / Bulletin for any loss or damage however caused resulting from the use of the material. All readers or users are advised to seek their own independent professional financial, legal or economic advice.