Who is on the borrowers’ side? Bank debt consultants, for sure!

On the Australian Bankers Association website is a bank-friendly warning from ASIC, the so-called corporate regulator, about what they call “Debt management firms” who help borrowers manage their debts. Most Aussie borrowers don’t have debt management skills and banks take advantage of that. The warning says:

“AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms and the potential harms these entities may cause consumers, including that they may provide unsuitable services and engage in predatory conduct” – ASIC.

It all depends on who runs those firms.

What do Aussie borrowers need?

The “unsuitable” services, from the ABA viewpoint, that bank debt consultants might provide are to:
make the banks write off debt caused by predatory dishonest lending practices,
make banks share the suffering from deliberately trapping Aussie borrowers in unaffordable debt-traps,
make the banks give borrowers a repayment holiday when the industry or the economy go through tough times
help the borrowers increase their profits with cheaper loans, to clear their debts earlier.

The  big bank protection racket

Banks have the opposite priority to borrowers. What makes the bank rich, makes the borrower poor.

Government too has the opposite priority to business borrowers. It seeks an expanding economy where money moves around and around to primarily create employment then end up in the government coffers through taxes. Business owners borrow then spend the money running the business with the suppliers, staff, marketers etc who spend the money again and so on and so forth.

Aussie borrowers however lose profits through interest they pay, but still need to earn enough profit, or surplus cash, to repay their loans. Otherwise they have “forever” debt and end up working for the bank and the government for life.

Bank debt consultants show borrowers how to retain as much of the money that comes in, as they can, to clear debt early and really enjoy running the business they are skilled at, instead of working day and night under increasing pressure from a rich bank.

Whoever pays the piper, calls the tune.

AFCA, ASIC, ACCC and the Bankers Association work against bank debt consultants obtaining fairer loans for borrowers, investigating inappropriate bank practices and generally helping Aussie borrowers who have been lied to, misled, cheated, defrauded or robbed by the bank. As bank debt consultants for many decades, with their own accounting and family business experience, the GBAC consultants don’t apologies for making billionaire banks write off dishonestly obtained debt to help Aussie families struggling with a cost-of-living crisis, housing crisis and not knowing whether the economy is going up or down.

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