Another eight transfers have been approved under the new provisions and are expected to be transferred imminently.
LNP has in 6 years, accelerated the DEBT ECONOMY. Australians lead the world in personal debt, and this government has encouraged it.
Unable to find a bank willing to give him a loan, and desperate to keep his business from going under, he turned to an unregulated non-bank lender that charged 60 per cent interest. Initially, he was paying a so-called discount rate of 30 per cent. It was not long before debt collectors were knocking on his door.
The message borrow don't save is and will be promoted by this government. A further reduction of the middle class to working class and growth in the debt economy. I remember when bank business actually promoted savings, and every kid was encouraged to have an account. Today the main function of banks is usury, and debt followed by camp followers made up of payday lenders and other sharks. (ODT)
- by Clancy Yeates