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MAKING NEWS
Mon, 03 November 2008
When debt is easy to bank up
LOOKING back, Robert Tranter can't quite believe that he was ever allowed to borrow so much money.
At 27, he has two car loans, a loan for a motorcycle, Centrelink debt and two outstanding credit cards. To add to the financial burden, Mr Tranter has also accumulated more than $5000 worth of car-related fines.
Mr Tranter, who earns $670 a week after tax as a bus driver, says his application for a credit card was approved in April this year despite having a blemished credit history and falling behind in repayments for existing debts. He applied for the (second) credit card online and spent the entire $2000 limit "on rubbish" shortly after receiving it. Since then, he has struggled to make the monthly repayments on his card which, he says, has an interest rate of about 18%.
"I feel resentful to the people that gave me the loans … I don't know how I got them. With my previous credit history I don't know how I got approved," he says. Mr Tranter has contacted Financial Counselling for help and is planning on filing for bankruptcy. The debt, he says, has become too much to bear. "It's the end for me, I can't do it," he says. "It (bankruptcy) is a relief because it will stop these arguments with creditors and these annoying phone calls and it will just make my life a little bit easier." Source: The Age
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