We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Applying for a loan to help save
Comments
-
Not sure why I'm bothering posting as I'm not going to tell you anything different than what the others have already told you.
But to hammer it home - your loan will cost you far more than you will earn from having the savings even if you got the lowest loan rate (very unlikely) and put it in the higher savings rate.
A great example of the desparate need for financial education in schools.0 -
Simple arithmetic:
A loan is a debt which costs you money during the time you are paying it off. That debt increases with the interest, which does not change.
A Credit Card debt costs you in the original amount and the interest, but both the amount and the interest are reduced as you pay off the debt.
Pay off the credit card.
Result = No Debt.
Then resolve to stay that way.I think this job really needs
a much bigger hammer.
0 -
Can anyone lend me some savings??DEBT FREE AND PROUD
'Better to remain silent and be thought a fool than to speak out and remove all doubt'0 -
sistafromanothermista wrote: »Can anyone lend me some savings??
PM me with you card number, expiry and CVV (needed for identification verification purposes only I promise) and I guarantee you that I will forward your details on to suitable lenders who will consider your application, providing you have a guarantor who is willing to sign over their firstborn.0 -
Some people have the most peculiar ideas about money and this is one of them. Whatever happened to common sense and more importantly will power.
Why not just set up a regular transfer from your current account to a savings account. This is exactly what you would be doing when repaying a loan. Except that it would not be costing you a fortune in interest.I can afford anything that I want.
Just so long as I don't want much.0 -
Why not borrow a £million and become a millionaire.. YEAH!!0
-
You really can't class someone else's money (loan) as your savings !
Work hard to pay your bills then work a little harder to save some cash.ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
You really can't class someone else's money (loan) as your savings !
Many people treat an overdraft as their money as well. I know I did, in my dark financial days.
Of course it only dawns on them it's not, when the overdraft is withdrawn, with little/no notice and monies demanded back.
OP simply put, put away a set amount into a saver account, preferably one, that requires notice to withdraw money from it.0 -
russelanthony wrote: »Buddy its not right way or idea to use the credit card for savings. You now ahve to owe money from credit card.
Do you have anymore wise words you can let us in on ?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards