Australia – A recent new story focused on problems with credit card debt that is increasingly becoming a problem for many consumers. The article mentioned that there are ways to break the cycle of credit card debt and work towards gaining financial freedom. It cited examples of various consumers in varying degree of credit card debts and the advice of a financial counselor on this problem.

    Financial counselor Jan Pentland is at the credit coalface every day. Today, her main focus is Ian McPherson, who's being crushed under the strain of meeting his credit card interest with Westpac, AGC and St. George. "I kept refinancing to pay off credit cards then I'd use the credit cards again," admits Ian.

    Like many, Ian has been taking credit quite freely. While Ian accepts some of the blame, he also points the finger at the banks and finance companies who kept giving him credit.

     Ian — who earns $460 a week — has repayments of $372, leaving him with $88 and a car and two kids to look after. "I keep getting upset about it," says Ian. "You get down in the dumps about it because you've got no money to go anywhere."

    Like Ian, Lesley Nish says she's fed up and is about to sell up everything to clear her credit card debts. She owes $25,000 and is angry towards the people who allowed her to keep her debt climbing. "They're money-making, money-hungry vultures who prey on people like me who need money," she says.

    According to Jan Pentland, getting caught in credit card trap has an enormous impact on society, which far extends the financial sphere. "It can cause marriage breakdown, it can cause people to lose their jobs because they're so stressed and people can have mental breakdowns," she says. "We see people suicidal because of debt problems." Jan Pentland advises that for people who are already sinking under the strain, seek professional help. Better still, don't buy what you can't afford in the first place.