how is this for a receipe to credit card hell

de1amo

İ am currently escounced in Turkey where i have a home and business-i have all the usual 'nicesties ' back in the uk and i am relevantly solvent--i have never used credit cards in the uk but out here they have this alluring deal--they offer terms of free interest on most items you ever purchase- you pay the retailer and the credit card company just divides it into monthly 0 pc-its like being a kid in a sweet shop -am i doomed??-i have just put a new combi and installation on a 12 month term!!just to name one of many other inspirations i am having!--the credit limit only takes the monthly amount due as trigger-

CLAPTON

I don't understand your point here.

you borrow 1000 and have to repay it back over a year....you do save a bit of interest of course

but really just like 0% CC in the UK or many 0% deals in shops (expect here you can spread the debt over 3/4 years)

de1amo

credit card and nil pc lending is a mystery to me!!--the thing that strikes me here is the sheer volume of cards you can get and the massive limits---if a card has a 10000 limit that means if you repayments for each month do not exceed 10000 you can carry on adding--10000 is the norm -turkish lira---and given that i pay staff about 500 tl for a full month you can see the hole-- 2,40 tl to 1 pound--still the sun shines!--houses are cheap as a mortgage is 20pc and only given for a max of 5 years!!

CLAPTON

de1amo wrote: »

credit card and nil pc lending is a mystery to me!!--the thing that strikes me here is the sheer volume of cards you can get and the massive limits---if a card has a 10000 limit that means if you repayments for each month do not exceed 10000 you can carry on adding--10000 is the norm -turkish lira---and given that i pay staff about 500 tl for a full month you can see the hole-- 2,40 tl to 1 pound--still the sun shines!--houses are cheap as a mortgage is 20pc and only given for a max of 5 years!!

I've no idea what you are saying

milan_ns

Apparently Turkish banks give huge credit limits and some Turkish shops offer own finance through arrangement with credit card companies.

By combining these two one can ran up a mega huge debt in no time.

Ah, and housing in Turkey is cheap.

:rotfl:

de1amo

Milan well done --you understood me!!-Turkey has the highest credit card debt in the world but little or no mortgage debt!-one credit cards-the vendor pays 3pc on each transaction as a one off for the credit facility to the banks--savings rates are now at 7,50pc down from 15pc when i first had a bank account in 2006--the japanese park their money here and the turkish governement are or maybe were happy--there has been tightening up recently---martin did reference this on radio 2 once and said the risk was in the exchange rate--clever brits were selling up in the uk -buying a cheap place in the sun and living off the interest they earned---the turkish lira bounces between 2,50 down to 2,30 generally but total melt down has been know to happen-

INT1

Merhaba,

Yes and that is probably the fact why many people are getting in to too much debt over there, it's what England was 5 years ago, put everything on the drip!

de1amo

i can see why ! i never use credit cards in the uk but i am springing a leak here--it doesnt help when you have to convert monies in psychological and real terms--i earn in uk sterling and seem to be leaking in lira at the moment!! --time i took a grip and cut my wifes credit cards up!! debt is impossible to loose over here--to get a credit card you have to involve the local authorities!!--theres either pay up or go to jail and they dont mess--even after that it still stcks to you--with compound interest for time served!!

ManicMum

bonkers!!!!!!!