We provide a clear energetic insight into the catastrophic nature of the so-called creasing and pull-in instabilities in soft electro-active elastomers. These phenomena are ubiquitous for thin electro-elastic plates and are a major obstacle to the development of giant actuators; yet they are not completely understood nor modelled accurately. Here, in complete agreement with experiments, we give a simple formula to predict the voltage thresholds for these instability patterns and model their shape, and show that equilibrium is impossible beyond their onset. Our analysis is fully analytical, does not require finite element simulations, and can be extended to include prestretch and to encompass any material behaviour.