Defined Terms and Documents       

Lack Financial Acumen or Financial Acumen means Australians who -

(i)         often live in low socio-economic regions;

(ii)        usually did not achieve the 'Higher School Certificate';

(iii)       are classified as level 1 and level 2 Financial Literacy Capacity in the Productivity Commission's Staff Working Paper Links Between Literacy and Numeracy Skills and Labour Market Outcomes dated Aug 2010;

(iv)       were never effectively mentored to -

             *        repay the Outstanding Indebtedness on their Monthly Credit Card Statement on Purchases within the Interest Free Period; and

             *        not draw a Cash Advance because of the Usurious Unsecured Interest Rates charged from the date of the Cash Advance and no Interest Free Period; and

(v)        lack the financial discipline to avoid incurring material unsecured financial indebtedness often on more than one Credit Card because Credit Cards -

             *        are too often easily obtained from Credit Card Issuers;

             *        are readily accepted by Merchants; and

             *        quickly provide a Purchase or Cash Advance within the Card Limit, and even beyond the Card Limit as explained in Over-the-Limit Fee.

 See Numeracy And Literacy Authorities