Proof the banks are keeping us in debt.
Comments
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I agree with this entirely.Brock_and_Roll wrote: »For my sins I have worked in banking for 20+ years.
The reality is 95% mind numbingly boring. Basically high street banks make absolutely naff all these days out of providing basic services i.e. bank accounts. If you think about it, they have huge expense in doing this - aside from all the property and staff costs, they have the huge costs of providing the "multi-platform" access that people expect - i.e. branches, web banking, mobile banking etc. Then they have huge costs in trying to keep these systems secure, moving cash from A to B etc. Yet in the UK at least, the concept of "free basic banking" is dear to the consumer so the first big bank that bites the bullet and charges for all accounts will lose big market share.
So basically, in order to make profits and basically justify their use of so much shareholder capital they need to sell "extras" - loans, cards, insurance etc - this is the case for both corporate and retail banking. Everything within banks these days is geared up to this sales process - all the marketing & reward systems."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Whether the advert was misleading or not, it seems a shame that the OP having decided they don't want to pay the higher rate, has now got to contend with being branded as desperate as they now have a search on their file.
In fact quite the opposite has happened in this situation. The OP has applied for something they thought was reasonable, ben accepted for something which they don't think is reasonable and sensibly declined it, but this action will no doubt now cause them additional problems.0 -
Proof the banks are keeping us in debt.
it also has something to do with the person applying for a loan rather than saving0 -
LOL "I despise banks and their staff" but I am willing to add to their profits by using their services and loans.0
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I think the point the OP is making, and I may be wrong, is not the fact that he wants a loan, but the fact that they want to offer a higher rate making it more costly to the borrower. It's the higher rate that I think the OP is saying they see as the issue.0
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So should nobody apply for a loan?
in general no, people should not apply for loans but should save up for things they want.
why do you think that paying large amounts of interest to banks is a good thing?
there are a few exception; mortgage for property, business loans, and maybe short term loans in some limited circumstances0 -
I agree in principle or in theory, but in practice its not always that simple.
If someone wants to borrow for the sake of it, yes it is wrong. Personally I wouldnt borrow for a holiday or any form of luxury but if there is a need as you say, then yes no problem. This need could also include restructuring existing debt.0 -
I agree in principle or in theory, but in practice its not always that simple.
If someone wants to borrow for the sake of it, yes it is wrong. Personally I wouldnt borrow for a holiday or any form of luxury but if there is a need as you say, then yes no problem. This need could also include restructuring existing debt.
99% of all non mortgage and non business borrowing is for 'wants' not 'need'
theory has nothing to do with it: debt is bad for you0 -
So cars, consolidation loans, loans for education etc all make up the 1% and are bad ?0
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