Australian Politics Forum - Be careful who's lending you money

bogarde73

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Be careful who's lending you money
Feb 13^th, 2011 at 11:16am

Three years into the GFC and, according to a UK report, there is about three times as much reckless lending/borrowing (it works both ways) than there was before in that country..
I expect the same trends are evident here.
Pay day lenders, internet lenders, log book lenders (that one might not have caught on here) - people desperate for quick cash are being exploited under/over/around existing credit laws.
The point is if you need a few hundred or a few thousand dollars to cover some outstanding bill and you need it now, be aware that you might be letting yourself in for 2-300% interest.
Before you commit to something like that you might be better getting advice from a free credit advice centre.
But there again, be careful who you google because there are people out there who sound like they are going to give free advice but in reality are going to charge you money for managing debt problems.

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Sir lastnail Gold Member Offline Australian Politics Posts: 30493 Gender:	Re: Be careful who's lending you money Reply #1 - Feb 13^th, 2011 at 12:33pm They are fixing the GFC by creating another one using even more debt !!
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cods

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Re: Be careful who's lending you money
Reply #2 - Feb 13^th, 2011 at 7:46pm

bogarde73 wrote on Feb 13^th, 2011 at 11:16am:

Three years into the GFC and, according to a UK report, there is about three times as much reckless lending/borrowing (it works both ways) than there was before in that country..
I expect the same trends are evident here.
Pay day lenders, internet lenders, log book lenders (that one might not have caught on here) - people desperate for quick cash are being exploited under/over/around existing credit laws.
The point is if you need a few hundred or a few thousand dollars to cover some outstanding bill and you need it now, be aware that you might be letting yourself in for 2-300% interest.
Before you commit to something like that you might be better getting advice from a free credit advice centre.
But there again, be careful who you google because there are people out there who sound like they are going to give free advice but in reality are going to charge you money for managing debt problems.

bogy no such thing as free.. sorry mate

as we know from Europe /Ireland.. they pay their debts with credit cards.. something I am sure we are also doing..when it catches up with you its crash and burn no escape as we have seen.

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