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Submissions on an Invercargill City Council proposal to borrow millions of dollars for investments are overwhelmingly against debt expansion.

Of the 12 submissions received on the councils holding companys proposal to borrow money, 10 were against, all arguing the council should focus on core activities and infrastructure.

About seven people spoke at the council meeting in Invercargill yesterday.

Councillor Lindsay Abbott asked submitters if, now that Holdco had decided against upping their shares in OtagoNet to 50 per cent, the company should sell off the 25 per cent of shares they already owned and put the money back into infrastructure.

Several submitters said yes.

Blair Hamilton said the councillors should make their decision based on whether they would spend their own money to invest in the airport, forestry or OtagoNet.

Im offended by someone trying to spend my ratepayer money on companies that may or may not be a good investment.

Nobody sells a good business that is making a profit, he said.

Councillor Karen Arnold asked all submitters whether they believed the council had been given enough information to make

an informed decision, to which many answered no.

She also asked if the councils audit and risk committee should have been involved earlier in the planning stages of the proposal, to which many answered yes.

Holdco had originally proposed three options which went out for consultation - to remain with the status quo, to increase the councils uncalled capital to $100 million, or to increase it to $200m.

Holdco chairman Graham Sycamore said this month option two would allow the council-controlled company to continue its investments in already approved projects, while option three would allow it to increase its shareholding in OtagoNet.

However, option three was taken off the table last week when Electricity Invercargill Limited announced it was backing down from increasing its OtagoNet shares.

Housing sales are declining in China. Above, new housing in Henan province, in central China.
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Married couple Monica and Brian Susoreny face a crisis. Theyve got credit card debt and dont have enough cash flow to pay off the balances in full every month. Luckily they have some savings. Monica thinks they should hang on to it for emergencies. Brian thinks they should use the cash to pay off the credit cards. 

Gavel time: whos right?

Use your savings to pay off the credit cards now, said Bach, They are costing you way to much money and you are earning nothing on your savings.

When you use a credit card to pay for things, its called borrowing money, he added.

It makes zero sense to borrow money at 18% interest rates when you have money sitting in savings earning zero percent interest. This is how the banks get rich and you stay poor.

So what should other couples with the same issue do so they dont land in Money Court?

The verdict is in:

  • Remember credit cards = borrowing money
  • Prioritize your debt
  • Pay off your smallest card first
  • Lower the interest rates
  • Double your minimum payments
  • Use debit cards, charge cards amp; cash only