Exploitation by Money-lenders
Thousands of Australian farmers are being exploited by the money-lenders with credit cards and mortgage loans.
Credit cards cause long agonising debt at very high interest rates
National credit card debt about $40 billion
About $20 billion of that debt is bearing exorbitant interest of close to 20%.
About 15 million Australians carry some form of interest-bearing debt.
Farmers the targets
The moneylenders target farmers, both as consumers and as business owners, who often cannot repay the loans easily. That is because of seasons, weather, commodity prices and government policy. Farmers need loans tailored to their exact needs.
Lenders are supported by regulators and parliamentarians who are happy to see multi-billion dollar bank profits and multi-million dollar executive salaries.
Loan management
Often the money-lenders earn more from the farm than the farmers do.
Farmers will benefit if they steadily eat away at their debt to eliminate it and avoid picking up more debt whenever they can. Buy 2nd hand for lot less. Buy “on discount” whenever possible.
Good Banking is About Customers. GBAC offers good solutions for those who are battling out-of-control debt. Having run my own sheep and cattle properties, although I admit a bias, I reckon good loan management advice offers best farm security as well as profits. Counsellors give farmers the chance to find their own solutions. Consultants provide good solutions from wide experience over hundreds of farms and loans.
