I have a high income 100K per year, I have 4 kids and a wife to support. I have credit cards maxed out, My out goings exceed my income by about 10K a year which is why I have maxed out CCards.

I applied for a loan but they said my balance sheet does not work and any money I am lend I would struggle to repay??

Why shouldn't they lend me money I make alot of money.

Umm...I'm gonna say it's probably because your credit cards are maxed out.

yeah but I make heaps of money shouldn't that account for something

File for bankruptcy, and try again in 3 years, credit rating fixed.... P.S.. don't ever get a credit card again.

woof woof wrote on Mar 16^th, 2013 at 5:12pm:

yeah but I make heaps of money shouldn't that account for something

Not if you can't stop spending it. 

cant declare BR as I have a massive property portfolio and assets.

woof woof wrote on Mar 16^th, 2013 at 5:17pm:

cant declare BR as I have a massive property portfolio and assets.

Use them as security and they'll give you a loan...

nah they said even if I used them as security my after expense income would not meet the loan repayments

Put the rent up

Woof woof, try visiting this site:

www.familybudgeting.org.nz

I worked in NZ as a budget adviser. While most of my clients were on pensions occasionally I worked with someone in your position.

If you are using your credit cards to maintain a lifestyle you are heading for trouble. The first thing you need to do is write a budget reflecting your current situation. Of course, it won't balance.

Then you need to examine how to balance your budget. That means either increasing your income or reducing your expenditure. Most people try to do both.

Give it a go. PM me if you need help.

woof woof wrote on Mar 16^th, 2013 at 5:02pm:

My out goings exceed my income by about 10K a year

For someone on a 6 figure income, your either trolling or thick.

Dsmithy70 wrote on Mar 16^th, 2013 at 5:41pm:

woof woof wrote on Mar 16th, 2013 at 5:02pm: My out goings exceed my income by about 10K a year For someone on a 6 figure income, your either trolling or thick.

im going for trolling...

doesnt matter if you have $10M in assets. the bank wont loan to someone whos expenses exceeds their income.

Peter Freedman wrote on Mar 16^th, 2013 at 5:39pm:

If you are using your credit cards to maintain a lifestyle you are heading for trouble

Yes, this is what successive Labor Govts federal and state do...... ;)


woof woof wrote on Mar 16^th, 2013 at 5:28pm:

nah they said even if I used them as security my after expense income would not meet the loan repayments

If you have a property portfolio it must also be earning income, are they taking this income into account?

If you don't have sufficient income your gunna have to sell a property otherwise the Bank will... :(

woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan .

John Smith wrote on Mar 16^th, 2013 at 5:51pm:

woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan .

Unless you have a bad credit history.....and Labor have an atrocious one.... ;D

Swagman wrote on Mar 16^th, 2013 at 5:54pm:

John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D

Not according to credit rating, woof woof must be channeling your ignorance.

John Smith wrote on Mar 16^th, 2013 at 5:51pm:

woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan .

he made his point rather badly. a better example would be a BUSINESS OWNER applying for a loan where he CURRENTLY has negative income but his business plan shows a profit in the near(ish) future. that would be an better example to use.

OK so Australias expenses exceed its income by 200Billion in the last few years.

So who is stupid enough to continue to borrow the billions needed??

How will we ever pay off our debt if our expenses exceed our income, and our out goings are increasing every year and our income is decreasing every year?

are you muppets that thick that you don't see us as being effectivly insolvent, that is unable to pay our bills, teh only we we do it is by borrowing billions of dollars.

How isthat sustainable??

woof woof wrote on Mar 16^th, 2013 at 6:03pm:

OK so Australias expenses exceed its income by 200Billion in the last few years. So who is stupid enough to continue to borrow the billions needed?? How will we ever pay off our debt if our expenses exceed our income, and our out goings are increasing every year and our income is decreasing every year? are you muppets that thick that you don't see us as being effectivly insolvent, that is unable to pay our bills, teh only we we do it is by borrowing billions of dollars. How isthat sustainable??

i hate it that you put me in the position of explaining something that could be construed wrongly as supporting labor...

the govt is like a business which has ebbs and flows in finance. currently we are running at a lsos and banks actually DO fund loss-making business because they expect profits to come later. Seriosuly, my own business borrowed money but made a loss for its first 2 years but they happily lent me extra for my thirds year based on profit predictions. and u do have to realise that our credit rating is AAA and deservedly so because history tells international bankers that liberals are regularly elected to pay off the debts and start running at a profit.

I think the last sentence sums up what will happen.

BUT

How in gods name is our balance sheet going to improve, we have nbiilions going out on boat ppl, the mining boom is over, unemployemnt and pension payments are going through the roof.

we nned to earn more money than ever before to pay off our debt, and those days are GONE>

were screwed

skippy. wrote on Mar 16^th, 2013 at 5:57pm:

Swagman wrote on Mar 16th, 2013 at 5:54pm: John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D Not according to credit rating, woof woof must be channeling your ignorance.

Ignorance huh?  When was the last time a federal Labor Govt delivered a budget surplus? ;D

Is woof woof, maqqa?

anyone that budgets with a credit card is an idiot.. and that goes for any treasurer...you are living on WHAT MIGHT HAPPEN...

and not taking into account what COULD HAPPEN.

and switc hing debts from one place/bank to another achieves bugger all

Swagman wrote on Mar 16^th, 2013 at 6:20pm:

skippy. wrote on Mar 16th, 2013 at 5:57pm: Swagman wrote on Mar 16th, 2013 at 5:54pm: John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D Not according to credit rating, woof woof must be channeling your ignorance. Ignorance huh?  When was the last time a federal Labor Govt delivered a budget surplus? ;D

1986
When was the last time a Federal Liberal party produced a surplus without a global economic boom and selling the family silver.
And while we're at it, who other than Costello in the above golden times produced a surplus from the Liberal party?

point is at what figure  do you labor lot think our level of debt becomes unrepayable??

and we're in your mind screwed, put a figure down?

500B
1000B
2000B

when do we get to the point where the ship has sunk?

Aussie wrote on Mar 16^th, 2013 at 6:22pm:

Is woof woof, maqqa?

Abject apologies.  Stupid question.

:-[

woof woof wrote on Mar 16^th, 2013 at 6:30pm:

point is at what figure  do you labor lot think our level of debt becomes unrepayable?? and we're in your mind screwed, put a figure down? 500B 1000B 2000B when do we get to the point where the ship has sunk?

So your projecting Australias GDP will tank in the near future and never recover?

woof woof wrote on Mar 16^th, 2013 at 6:30pm:

point is at what figure  do you labor lot think our level of debt becomes unrepayable?? and we're in your mind screwed, put a figure down? 500B 1000B 2000B when do we get to the point where the ship has sunk?

Excuse me for butting in, but you seem to be under the illusion that the world financial system has some kind of foundation made of logic and book-keeping. That's an archaic view I'm afraid  ;D

Dsmithy70 wrote on Mar 16^th, 2013 at 6:28pm:

Swagman wrote on Mar 16th, 2013 at 6:20pm: skippy. wrote on Mar 16th, 2013 at 5:57pm: Swagman wrote on Mar 16th, 2013 at 5:54pm: John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D Not according to credit rating, woof woof must be channeling your ignorance. Ignorance huh?  When was the last time a federal Labor Govt delivered a budget surplus? ;D 1986 When was the last time a Federal Liberal party produced a surplus without a global economic boom and selling the family silver. And while we're at it, who other than Costello in the above golden times produced a surplus from the Liberal party?

to be fair, Hawke started with a small debt and by today's standards, a low deficit. Howard inherited record debt and high deficit. you can hypothesise what labor would have done if they had been in power but you'd be stretching to beleive that they would have done as well - nevermind better.

what do you reckon greece and spain ever thought they'd be where they are??  and what makes you think that we aren't ion the same road they were on?

so far you've given nothing

woof woof wrote on Mar 16^th, 2013 at 6:49pm:

what do you reckon greece and spain ever thought they'd be where they are??  and what makes you think that we aren't ion the same road they were on? so far you've given nothing

greece and spain are rooted economies by the standards i just set. they have little history or future that suggests they are viable economies. Australia however has plenty of such proof.

Swagman wrote on Mar 16^th, 2013 at 6:20pm:

skippy. wrote on Mar 16th, 2013 at 5:57pm: Swagman wrote on Mar 16th, 2013 at 5:54pm: John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D Not according to credit rating, woof woof must be channeling your ignorance. Ignorance huh?  When was the last time a federal Labor Govt delivered a budget surplus? ;D

Thanks, you've admitted the Liberals tax us too much, that's the  way to achieve a surplus, god you're stupid. ::)

longweekend58 wrote on Mar 16^th, 2013 at 6:43pm:

Dsmithy70 wrote on Mar 16th, 2013 at 6:28pm: Swagman wrote on Mar 16th, 2013 at 6:20pm: skippy. wrote on Mar 16th, 2013 at 5:57pm: Swagman wrote on Mar 16th, 2013 at 5:54pm: John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D Not according to credit rating, woof woof must be channeling your ignorance. Ignorance huh?  When was the last time a federal Labor Govt delivered a budget surplus? ;D 1986 When was the last time a Federal Liberal party produced a surplus without a global economic boom and selling the family silver. And while we're at it, who other than Costello in the above golden times produced a surplus from the Liberal party? to be fair, Hawke started with a small debt and by today's standards, a low deficit. Howard inherited record debt and high deficit. you can hypothesise what labor would have done if they had been in power but you'd be stretching to beleive that they would have done as well - nevermind better.

Thats fine but lets drop this crap about Liberals producing surpluses everytime they are in government.
Howard/Costello had very fortunate times, without them it wouldn't be a stretch to say that Treasurer Keating would be the only one to have produed one.

so are you saying that it is OK to just go deeper and deeper into debt??


seriously?

when too much debt too much???

Woof woof, thanks for sending me a copy of your budget. The speed of your work is impressive.

I would advise the following measures:
1) sell the Ferrari
2) get a job
3) mortgage the cat
4) stop eating, your photograph suggests you can live off your fat for some time

Any further advice you require?

Swagman wrote on Mar 16^th, 2013 at 5:54pm:

John Smith wrote on Mar 16th, 2013 at 5:51pm: woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan  ... even if it was for double your current loan . Unless you have a bad credit history.....and Labor have an atrocious one.... ;D

just admit woof woof's post is at best a load of sh it or at worst an attempt to mislead and get over it.

woof woof wrote on Mar 16^th, 2013 at 7:08pm:

so are you saying that it is OK to just go deeper and deeper into debt?? seriously? when too much debt too much???

what part of we are not in too much debt do you fail to understand?

Our debt levels are fine ... no need to panic, don't believe everything Abbott tells you.

Sorry, wof woof, I neglected to respond to your suggestion that you sell your brain.

While I agree that few people would notice the difference in you, the outgoings (cost of classified advertising) would far outweigh any return you might receive, even though the merchandise has been used only rarely.

.

woof woof wrote on Mar 16^th, 2013 at 5:02pm:

I have a high income 100K per year, I have 4 kids and a wife to support. I have credit cards maxed out, My out goings exceed my income by about 10K a year which is why I have maxed out CCards. I applied for a loan but they said my balance sheet does not work and any money I am lend I would struggle to repay?? Why shouldn't they lend me money I make alot of money.

They simply arent lending anyway.

SOB

http://www.youtube.com/watch?v=ABtlI2Wk3Ws&sns=em

Don't worry, this man understands debt. He might be able to get you a loan. His previous boss certainly helped plenty of households accumulate debt.

Howard's legacy questioned by IMF


Quote:

The Howard Government presided over the biggest private debt boom in Australia’s history and, in its later years, one of the biggest terms-of-trade booms. These two events meant that the Australian economy grew strongly and fostered strong growth in both employment and incomes. Importantly, it also flooded the Government with tens of billions of dollars worth of extra taxation revenue – via increased personal, company and capital gains taxes (as well as lower welfare spending) – which it spent on a range of questionable initiatives and middle class welfare. Put simply, it was easy for the Howard Government to look like sound financial managers when, through good luck, its revenue base expanded inexorably thanks to the unsustainable expansion in private debt and the once-in-a-century commodity boom.

Dsmithy70 wrote on Mar 16^th, 2013 at 5:41pm:

woof woof wrote on Mar 16th, 2013 at 5:02pm: My out goings exceed my income by about 10K a year For someone on a 6 figure income, your either trolling or thick.

This isn't one of those either/or situations.