Craig Thomson credit card use incurs a huge bill

Posted by administrator | 01/09/11 | Tagged Credit Card

Craig Thomson credit card use incurs a huge bill
News from The Daily Telegraph:

Card questions … embattled Labor MP Craig Thomson / Pic: Kym Smith Source: The Australian

A TAX bill of about $ 250,000 could await whoever was responsible for the use of embattled Labor MP Craig Thomson’s Health Services Union credit card.

An investigation for The Daily Telegraph by former Australian Taxation Office senior auditor Chris Seage has estimated that whoever used his card from 2002 to 2007 owes $ 239,818 to the ATO.

The total bill is made up of $ 132,520 in tax payable on omitted income, $ 34,270 in penalties and $ 73,028 in interest charges dating back to 2002. The figures have been verified by accounting firm Charge Thoo & Co.

The new assessment presents a poten…………… continues on The Daily Telegraph
… Read the full article

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Cain Motter Makes Fine Art From Melted Credit Cards (PHOTOS, VIDEO)
News from Huffington Post:

You have to give Cain Motter some credit.

Like millions of Americans, this Los Angeles-based artist has his share of credit card debt that he’s working to pay off. However, unlike all those other folks, he’s raising the money to pay off his cards by melting his cards — and any that he can find — into elaborate artistic statements about the evils of credit cards. He then sells his artwork for $ 1,200 apiece.

As Alanis Morrissette might say, isn’t it ironic, don’t you think?

Motter’s path to becoming the Caravaggio of credit cards began when he attended college in Oklahoma in 1994.
Before that, he had grown up on a commune with his dad, a retired vaudeville hand-balancing showman, and was taught to pay for everything in cash.

… Read the full article

Related News:

Keeping College Kids Out Of Debt: Choosing Your First Credit Card
News from News Channel 7:

Getting a credit card is almost like a right of passage for college kids.

“It was kind of like fast money,” said USC Upstate Student Brandi Blackhart.

But a survey by CreditKarma dot com shows misuse of plastic has landed the average 18 to 24 year old in at least $ 2000 debt..

“I didn’t realize what I was getting myself into,” she said.

Blackhart says she was inundated with credit card offers as a college freshman…

4 years later she says she’s still paying off $ 1000 on the card.

Thanks to the CARD Act of 2009 anyone under 21 is now banned from getting a card unless they prove they have the funds or co-sign with a parent.

S…………… continues on News Channel 7
… Read the full article

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