Barclaycard seem to be bucking the trend and wish to feed and keep the credit crunch going...?
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=566725&in_page_id=1770&ct=5
To tell the truth Robert, I have no sympathy for anyone foolish enough to enter into any of these “easy way of managing your finances” type offers.
The post deposits “cheques” and offers such as the one from Barclays on my front door mat on an almost daily basis, and all share the same fate, the shredder.
No-one should need to be told that taking any of these “offers” will invariably hit the pocket hard, albeit over an extended period of time.
Same as endowment policies that fail to provide enough funds in the so called pot at the end of the mortgage term. All the hapless fool concerned had to do at the time of being offered this form of finance was ask the simple question, “What happens if the rate of growth fails to meet expectations?”
Compensation for miss-selling? My eye.
It’s not rocket science Robert, all that is required is a modicum of common sense.
But had the hapless fool read any of the paperwork about the endowment policy, he would have found, clearly stated, that the pot would be guaranteed - BUT with a requirement for increased monthly premiums if growth failed to meet expectations. Compensation for mis-selling? My eye as well.
"BUT with a requirement for increased monthly premiums if growth failed to meet expectations"
Not a guarantee then was it?
I rest my case Dougal, as anyone who then went on to sign on the dotted line having read that wasn’t paying attention were they?
Peter R.Farman wrote: "BUT with a requirement for increased monthly premiums if growth failed to meet expectations" Not a guarantee then was it? I rest my case Dougal, as anyone who then went on to sign on the dotted line having read that wasn’t paying attention were they?
I have always thought that money lending from banks or credit card companies or whoever, should have an upper limit of say 10 points above the bank base rate.
That would create some stability and if some wish to under cut the 10 points upper limit so be it, in fair competion business practice......
To have 27% plus charges is imorale and should never have been allowed by law...... this to me it is another of a government failing to ensure a good financal stability for all....... It would not suit everybody, but it would keep the massive debt down, which when to high is no good to the majority of us, and would discourage people who don`t know any better to be safe guarded against easy high credit debt.
The free for all with no or lttle check for credit, is something that only and totally irrisponsable government would allow.... there is alway a safe limit to everything , ... good or bad in life.
Sadly our UK society has very few limits of stablity, and resulting in where we are now in the UK, .... get what you can and sod the end result....... then cry when it all goes wrong.
"As to the above question, both mad and greedy, always have been feeding on their clients, there are numerous stories on how they have bancrupted small businesses and driven them to the wall"
That may well be the case on occasion Nevermind, but let us not forget that banks are not registered charities, and as such will do all in their power to separate us from as much of our hard earned money as they can.
Small businesses go to the wall every day, but not all can be blamed on the actions of some heartless banker surely.
Getting back to Robert’s original point, we all know that one of the most expensive ways of borrowing money is via the credit card, so why do it?
Peter R.Farman wrote: Getting back to Robert’s original point, we all know that one of the most expensive ways of borrowing money is via the credit card, so why do it?
Well, in a lot of cases it appears to be for the things that people assume they need or are entitled to (because others have them so why shouldn't they?) - televisions, holidays, games systems, DVDs, computers, cameras, mobile telephones, new furniture to suit the latest fashions every three years or so, watches, jewellery, etc...
I see on the face of it, little point in encouraging and producing mass items, or the importantion of such items, if the majority do not earn the means to pay for them......from their salary.
What a society we have to advertise and actually encourage a massive debt mountain, instead of doing the opposite of generation postive wealth........when we all can benefit.......and pay for out right and share wealth around....... now thats postive and true growth to the economy, and most of all contentment and stabilty and peace of mind to all to enjoy life.
Its called live within your means, but on a better true wage related morale structure........
I agree with your sentiments Robert, but what happened to common sense?
Any business will try to attract people to purchase their goods or services, but it’s up to the individual to work out whether or not they can afford said goods or services, and as I said earlier, we all know that credit cards are not the way to do it, so all the consumer has to do is simply say “No”
I agree that we should all live within our means, but as POG pointed out, that is not how the majority of Brits appear to approach life these days.
So, if they must have that new flat screen TV or holiday on the Costa del Watneys there are other ways, but the buyer needs to remember at signing time that at some point someone will expect payment.
ROBERT wrote: I see on the face of it, little point in encouraging and producing mass items, or the importantion of such items, if the majority do not earn the means to pay for them......from their salary.
Unfortunately our economy would crash if this was put into practice. We manufacture almost nothing in the UK nowadays and our economy is totally dependant on us going out and spending money. If the spending stops, the economy will crash.
If a country is not manufacturing goods for sale to other countries, then where is the money to come from in our economy without borrowing?
Sad but true.
I am so glad you can see the fundamental truth Snomaes.
Now all you have to do is recognize who is destroying our country and why.
We can reverse the decline but it is no longer going to be a pleasant peaceful undertaking.
For the coming strife we can blame the weedy mealy mouthed multi culture merchants and their corrupt PC methods.
They are directly responsible for the current crisis.
Dream on
keithgerrard@gerrard24.freeserve.co.uk
Hasta La Victoria Siempre !
snomaes, you are correct as things stand at the present, the lack of wealth distributed to many is the downfall of our society now.....
I have always looked on why is there so much effort and pressure to get people to buy items that their low wages cannot afford....... if credit was reduced as now.... and remaind tight and maintained low... things hopefully will reverse the must crazy have it now boom and bust unstable economy of the past 25 years.
Being in debt becuase of low wages and high basic service cost .... has and is a hard fact to live by to many and a poor morale reflection on a non carring government, and which is there to equalise to a much better degreed the distribution of wealth and taxation.....
The 10p farce shows that the governments attiuted to wealth distribution is to crucify rather help a sector of society and to give more benefit to others...... and unbelievable and unforgiveable thing to do.......... rendering them in my eyes they are unfit for purpose...... you just don`t make that kind of mistake and get away with it.
Regarding borrowing, its spending money you don`t own or have.....if thats the way society thinks is good and the best way to go ....Why the hell and I struggling, Put me down for a million pound to pay back £50 a week for the next 50 years......or whatever and I can live the life of my dreams..........on credit.
The disease is spread throughout our society Bemused.
Like a cancer it will have to be cut out carefully.
The time will come to name names but the worst offenders are now obvious to most people.
Naming them now will simply give them a reason for further criminal destruction and to cover their tracks.
We see this practice increasing in Norfolk, as many of them leave the UK with their ill gotten gains.
Many on here know already who they are.
The results of their actions are there for all to see.
The people of this country must get back their voting system and its rights.
Voting in the UK today does not represent Democracy, it is a corrupted systems for the use of the OBN.
The ONLY way is for the people to act and that is unlikely to happen until things get much worse.
They will!
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