Could this be the website of the sensible? Same here, no debt, never had a credit card, & won't, money in the bank, & don't have a credit rating. You don't when it is over 25 years since you owed anything to anyone. Pity our damn governments owe so much on my behalf. Where is Howard when you need a sensible leader?

Still don't believe this makes me safe from a future economic catastrophe. When it comes, with "opt in", bank deposits will be converted to share holdings to save the banks, getting at your money if invested could become very restricted, & super balances might become very hard to access, or just disappear.

I suggest one of the few safe policies is a few thousand sovereigns in a tin buried in the back yard as the only insurance policy I can think of. Interest rates are so low, it won't cost you much in earning capacity either.

Anyone else have any suggestions for such insurance measures we can take privately? The way I see it, the man with a hundred gold coins would be richer than a millionaire, if we become the next Greece or Spain.

Yes Big Nana.

I used to run a cruise boat operation in the Whitsundays. As part of it I set our office up as a tourist agency, in the main street of Airlie Beach. We sold everything, including all our opposition cruises.

My wife running the place, used to see families come in every day of a holiday, checking the brochures, & asking advice on the dozens of activities on offer, then buying tomorrows tickets. They often paid cash for most of the week, but then moved to the credit card for later purchases.

These purchases were often the more expensive they had been trying to avoid.

I was in 2 minds. No point spending a lot of money on a Great Barrier Reef holiday, & not seeing the real reef. You can only know what it really is if you boat through, swim in, & fly over the thing, but those are the costly trips. She would see a family spend a couple of weeks average pay on credit in the last couple of days of a holiday. I used to wonder if they would have finished paying for this by their next holiday.

Belly: I used to run a cruise boat operation in the Whitsundays.

Then you would know my brother Peter & Wendy. He was & still is I think an Independent Skipper for Bare Boat Charters. He's been in the Whitsundays since the 60's.

When I went to buy my first house $4000 back in 1974, I went to the Bank & they wouldn't lend me anything. they said it was because I had paid cash for everything & hadn't got a Credit Rating.
The Guy who owned the House said, "Here's a Bank Book Put the payments into that" I did & we paid the house off in 10 years. We had no idea where the guy was as he went off around Australia. One day their was a knock on the door & a bloke I couldn't recognized walked in an said how's it going. I was taken back a bit but then he said "How's the Bank book going" & the penny dropped. We went into Town & saw the Solicitor & fixed up the Transfer. The Solicitor got angry & said we couldn't make those sorts of arrangements without a Solicitor. The guy said, "Well we have & did, just do the transfer."

That's how I got my first house. No Bank, no Credit Card & no Credit Rating. Da, Dah!...

I had to wait till I was in my 50's before the Bank would lend me enough to get a block of land.
Never having borrowed I had no credit rating which made me ineligible for a loan. I was forced literally, to get a credit card to establish a credit rating. How absurd.
luckily, I always found work & was able to retire without owing a single cent. I only ever bought when I could afford it.
I always wonder how these young people who just travel & have a good time all the time will fare when their time comes to get Superannuation & Pension when they hardly contribute.
They must be the ones known as Socialists I guess.

Dear Belly,

Credit cards are best enjoyed by the disciplined who are
aware of their ability to pay the monthly bill (preferably
in full) by the due date.

Of course, many abuse credit cards and end up in debt.

My main reason for using credit cards is their universal
acceptance. You get less hassles and an easier time if you
have a credit card whether its checking into a hotel of
renting a car. Plus a credit card is good for building
up and improving your credit rating. I also like the
frequent flyer miles that you can rack up for every dollar spent.

Foxy, you can do most of those things with a debit card. My debit card is MasterCard and hotels etc are quite happy to accept it.
I have never owned a credit card and never will.