The Random thought thread

[rgmwa]

33 minutes ago, Jerry_Atrick said:

Re the credit card thing, it is the banks duty to ensure that, when you apply for new credit that you can afford it (they also should be doing periodical reviews on your existing revolving credit - of which a credit card is a revolving credit line). They are on the hook for your debts and if, after you going broke, the client can prove that they could not have afforded it and they disclosed all relevant information, the bank gets a fine to boot (over here, anyway)

 

Yes that makes sense and I don’t have an issue with it. I was surprised because I had to declare my full superannuation balance as part of my application but their issue was that I wasn’t drawing it as a pension and my part time income alone was not enough. Making occasional withdrawals  from super didn’t count as income.