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We Owe $45 Billion On Our Credit Cards (Read 2659 times)
Mortdooley
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Re: We Owe $45 Billion On Our Credit Cards
Reply #45 - Jul 5th, 2018 at 11:31pm
 
Setanta wrote on Jul 5th, 2018 at 9:29pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...


Where did that come from?



“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”― Norm Franz



My credit cards are tools to move money for my benefit, I pay them in full every month. When people have a steady reliable income there is no excuse for having a large recurring credit card debt.

I worked for a company with over one thousand people who were Union represented and made exactly the same wage and had exactly the same company investment opportunities. Some were virtual paupers and others were actually rich when they retired or left before retirement. I understand people who lose jobs and use credit cards to hang on a little longer until they get another job but not those with a steady income.

Some people are compulsive spenders and we generally elect them to public office so they can manage the peoples money!
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Setanta
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Re: We Owe $45 Billion On Our Credit Cards
Reply #46 - Jul 6th, 2018 at 12:01am
 
Mortdooley wrote on Jul 5th, 2018 at 11:31pm:
Setanta wrote on Jul 5th, 2018 at 9:29pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 9:19pm:
Setanta wrote on Jul 5th, 2018 at 9:05pm:
Sir Spot of Borg wrote on Jul 5th, 2018 at 8:55pm:
People who lose their job and can't get another one. They pay their rent and bills and buy food until there's none left then they have a massive debt and no way to pay it

Spot


Damn, I knew this would come up. I've been on Newstart $500/fn(currently) since I was replaced, my wife is a DSP, she's genuine, she's been through the govt wringer. I'm not wealthy, I don't own my own home, I pay rent. I owe nothing(as of tonight). Sure I do not live in a capital city with their rents. I owe nothing on my CC. I do not get Centrelink to take money to pay utilities etc. I have adjusted and don't seek to live beyond my means. If you think I'm a bludger, fine, but my three sons pay over $100k a year in tax, there's some change left, I'm not a burden on "you".




Uhhh okay mate ... Not sure where that came from. I'm talking about how a credit card can get out of control pretty easily.

Spot


So am I. People that can't handle their money or their lives let it get out of control, it's not free money and they think it is although they know damned well it's not, they fool themselves. It's not the bank fooling them, CCs are not advertised as free money, go on a world trip, buy a new car. It's a product, a tool, guns don't kill people...


Where did that come from?



“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”― Norm Franz



My credit cards are tools to move money for my benefit, I pay them in full every month. When people have a steady reliable income there is no excuse for having a large recurring credit card debt.

I worked for a company with over one thousand people who were Union represented and made exactly the same wage and had exactly the same company investment opportunities. Some were virtual paupers and others were actually rich when they retired or left before retirement. I understand people who lose jobs and use credit cards to hang on a little longer until they get another job but not those with a steady income.

Some people are compulsive spenders and we generally elect them to public office so they can manage the peoples money!


Tools do not kill people, they are something you use to get a job done, the one that wants to get the job done is the one to blame. CCs do not make people credit dependant and poor, they are a tool, it's how people use them.

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freediver
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Re: We Owe $45 Billion On Our Credit Cards
Reply #47 - Jul 6th, 2018 at 12:07pm
 
Setanta wrote on Jul 5th, 2018 at 10:14pm:
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.


Why should the two be linked? Lending someone money to buy a new pair of shoes is a lot riskier than putting the money in the bank, especially when you consider that most of the time you don't get to charge them any interest at all. The risk involved has very little to do with the wholesale cost of money. The administration cost also has very little to do with the wholesale cost of money.
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Setanta
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Re: We Owe $45 Billion On Our Credit Cards
Reply #48 - Jul 6th, 2018 at 12:27pm
 
freediver wrote on Jul 6th, 2018 at 12:07pm:
Setanta wrote on Jul 5th, 2018 at 10:14pm:
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.


Why should the two be linked? Lending someone money to buy a new pair of shoes is a lot riskier than putting the money in the bank, especially when you consider that most of the time you don't get to charge them any interest at all. The risk involved has very little to do with the wholesale cost of money. The administration cost also has very little to do with the wholesale cost of money.


I didn't say they should be the same, I said they should be linked so they go up and down together depending on the economics of the time.
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freediver
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Re: We Owe $45 Billion On Our Credit Cards
Reply #49 - Jul 6th, 2018 at 12:30pm
 
Do you think they are not linked in that way? What do you think happened to credit card rates back when home loan rates went over 10%

Are you concerned the banks might lose money if interest rates go up?
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Setanta
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Re: We Owe $45 Billion On Our Credit Cards
Reply #50 - Jul 6th, 2018 at 12:40pm
 
freediver wrote on Jul 6th, 2018 at 12:30pm:
Do you think they are not linked in that way? What do you think happened to credit card rates back when home loan rates went over 10%

Are you concerned the banks might lose money if interest rates go up?


Mine doesn't go up and down, it's never changed.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #51 - Jul 6th, 2018 at 7:02pm
 
Setanta wrote on Jul 5th, 2018 at 10:14pm:
freediver wrote on Jul 5th, 2018 at 10:07pm:
Quote:
edit: For example, if I was getting 80k net a year, I could put 30 or 40k away easily if I did not raise my spending to match my income.


Same here. And live very well.

CC interest rates are not too high. I put nearly all my purchases on credit cards. I pay zero interest. If you don't like it, don't get one. The banks have to cover their costs for these small and unreliable loans. If you think they are making too much money, you should get in the money lending business.


Hmmm.. When they give me only 3% for the highest interest for money I can access(not fixed term) and they charge me 18% to borrow, that's not a fair deal. If CC interest was fixed to the interest return on, for example, fixed term deposits, it would be much fairer. I know what they are and can work with that but it is still exorbitant compared with what you get for them using your money, and that is what they are doing.



OOHHH, one of my favourite subjects. You know I had an uncle who fought in WW2, served in the Middle East and Kokoda. Well, when he was getting on, I used to help him a little with shopping and stuff, to keep him in his own home and independent. One day he asked me to take him to the bank, and he brought the wrong passbook with him. It was '89 or '90, abouts, and interest rates were crazy. When we went to fill in a withdrawal slip I saw he had nearly 400k in his passbook. I was so angry I immediately demanded that we see the manager. My uncle had been with this bank his whole life, and while they were lending his money out to others at 18to22%, he was getting the princely return of 2.7%. I asked the manager why he had never been offered any investment advice as to putting his money into anything other than the lowest possible return, passbook accounts. He said people have to ask for that, and they can organise an appointment to discuss it.
I told him that he was a slimey little toad, that this man he was happily exploiting was a hero of our country, and deserved far better treatment than they had given him, and I wanted all my uncles accounts immediately closed, and cheques made up for the money. We then went to a bank down the road, put 20 grand into an everyday saver account, paying 8.5%, and 50k into a six month fixed term getting 15%, and the 350k or so left into a two year term deposit at 15.5 or .75%, I can't remember now, but it was a bit more than the six month rate.
Being from simple, but poor backgrounds, my family had no idea of finance and investment, and trusted the bank manager implicitly to look after their interests. In 1945, when he came home from war, it was true, but by 1990 it was an anachronistic idea, scoffed at as stupid and naive.
Business had adopted the WC Fields philosophy, never give a sucker an even break.

Fek the banks ,fek the corporations, and the fekkers who say they owe nobody but shareholders decent behaviour.
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Re: We Owe $45 Billion On Our Credit Cards
Reply #52 - Jul 6th, 2018 at 7:22pm
 
Everything is like that these days. If you don't switch health insurance, electricity providers etc regularly you will be on a higher rate than everyone else.
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Sir Spot of Borg
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Re: We Owe $45 Billion On Our Credit Cards
Reply #53 - Jul 7th, 2018 at 7:11am
 
freediver wrote on Jul 6th, 2018 at 7:22pm:
Everything is like that these days. If you don't switch health insurance, electricity providers etc regularly you will be on a higher rate than everyone else.


Yeah. I opened one of those NAB isaver accounts a few years ago. They promised me higher interest than normal savings accounts. I forgot about it for a few months then checked and the interest was really low. In fact it would be better to have the money in the savings account. I went and asked them about it and they said "oh no you only get the good interest for a couple months then you have to close the account and open another one". Seriously?

Spot
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Re: We Owe $45 Billion On Our Credit Cards
Reply #54 - Jul 7th, 2018 at 7:21am
 
Don't even bother with the major banks.
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