Take per­sonal re­spon­si­bil­ity for debts

Money Magazine Australia - - FROM THE EDITOR -

Your ar­ti­cle “Tougher rules needed to tackle debt prob­lems” (The Buzz, Au­gust) high­lighted some great ideas to help re­duce credit card debt. Re­forms have been needed for some time and it’s good to see our gov­ern­ment look­ing at ways to help Aussies get out of per­sonal debt and hope­fully move for­ward to a brighter fi­nan­cial fu­ture.

I do won­der, though, where per­sonal re­spon­si­bil­ity comes in. The ar­ti­cle sug­gests gov­ern­ments com­pel credit card providers to in­crease the min­i­mum re­pay­ments on debt. I can’t help but won­der if per­haps it shouldn’t just be the re­spon­si­bil­i­ties of banks and gov­ern­ment to fix all our fi­nan­cial prob­lems. Surely the av­er­age Aussie can see that pay­ing more than the min­i­mum amount will get their debts paid off faster.

Good on our lead­ers for try­ing to help those who, for a mul­ti­tude of rea­sons, have got­ten into debt, but isn’t per­sonal re­spon­si­bil­ity needed, both to get out of debt and to stay out of debt long term? Melissa, Qld

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