Proof the banks are keeping us in debt.

Ilona

An interesting discussion. So much common sense, and so many people not getting it.
Ilona

a4a

Ilona wrote: »

An interesting discussion. So much common sense, and so many people not getting it.
Ilona

What are we missing?

Monkeyballs

BillJones wrote: »

Self-improvement, training, and career progression into a high-paying position?

If so, good for you. Thats to be applauded, rather than taking the lazy way, and "improving" your lifestyle by funding it with debt.

All of which often come at a cost... Want to go to Uni? Sure but you're probably gonna have to get a loan...

Career progression into a higher paying position? Great! Oh wait, I'm in a minimum wage job and have no chance unless I do some sort of course which I can't afford because out of the £850 pcm I earn £500 goes on rent, another £120 on council tax, £30 goes on fuel, £25 is on water, £12 is on a tv licence, hmmm... why is my belly rumbling? Oh yeah! Food!

Sadly while in an ideal world nobody would be in debt people are even millionaires need to borrow to make more in a lot of cases!

One of the most annoying things in life is that the rich have the poor over a barrel - banks need more profit? lets charge for banking! not enough people applying for loans? lets lower our rates to make them more appealing! Not enough profits made for our shareholders? Increase rates, scrap bonuses for those on low wages and sack some while we're at it to offset cost against profits!

Where I work there are constant initiatives to reduce costs by automating and streamlining processes so a piece of software can be used to replace the work of 50 people... Lets make 100 redundant and make those left work harder pushing those leaving into a job market for which they need to compete with the rest of the riff raff already working for less and less as companies pick and chose and get rid of on a whim!

I have friends who have been replaced after 20 years of loyal service who had worked their way up to moderately senior positions within their department only to be made redundant and now their "specialist" skills are useless! But they can stand in the same place for 11 hours a day while being allowed to take two 20 minute breaks for a fraction of what they had been earning!!!

Debt is here because it benefits profits, it has been spoon fed to us over the last couple of generations - it should come with a health warning!!!

Oh and as to the original post by the Op, I had a look on the calculator on the Santander website and it states the Apr is for illustrative purposes only

MB

BillJones

a4a wrote: »

I agree. But you can have all the former and still require the latter.

Its irrelevant how much you earn. I know multi-millionaires who still borrow.

As do I, and I also know people earning terrible wages, who don't, so no, it's not a requirement, it's a choice ,and I wish that more people would think more carefully about making that choice. As these boards show, it all too often leads to misery.

BillJones

Monkeyballs wrote: »

One of the most annoying things in life is that the rich have the poor over a barrel

This view is possibly what lead you to where you are, believing that it's not your choices that matter, but the choices of others.

It's a terrible mindset, and leads to terrible places.

Monkeyballs

BillJones wrote: »

This view is possibly what lead you to where you are, believing that it's not your choices that matter, but the choices of others.

It's a terrible mindset, and leads to terrible places.

Morning Bill,

LOL I knew you'd say that

How about the mindset that when you're young you're invincible and everyone loves you and if you work hard the you'll make an impact on the world? Then you realise that's not the case...

Barring when I had a gambling problem, at no point did I ever take on credit believing that that I would be unable to repay it so yes it was my choice but when you live in a society which tells you that borrowing is good and you see people in your exact same situation (lifestyle, income, etc) doing it without any problems then you jump in!

The reality is that I know nothing I ever write is going to make you think otherwise as you have your opinion and your choices have worked for you but everyone has the right to make mistakes and learn from them.

Perhaps one problem is the stigma of being debt and struggling? Things are changing but I know a lot of my friends are in debt but very few would ever admit to struggling because that is failure isn't it?

Everyone has the right to make mistakes, fail at things, whinge about them so long as they learn from their mistakes... Helping and offering advice and guidance is what is important, not having a dig and telling them they're idiots and what they should have done because years back if you said to me don't take out a loan as you'll regret it when you're in your 30's I'd have said "pffttt! Jog on and mind your own!" LOL

MB

BillJones

Monkeyballs wrote: »

Barring when I had a gambling problem, at no point did I ever take on credit believing that that I would be unable to repay it so yes it was my choice but when you live in a society which tells you that borrowing is good and you see people in your exact same situation (lifestyle, income, etc) doing it without any problems then you jump in!

Well, you did, most people don't.

And no-one is saying that your choices were wrong for you. They were what they were, and they've lead to where you are now.

if you said to me don't take out a loan as you'll regret it when you're in your 30's I'd have said "pffttt! Jog on and mind your own!" LOL

Exactly, whereas I (and pretty much all of my friends), struggled when younger on our low wages, kept both eyes firmly on the future, and now, in our thirties, eventually get to see the benefit.

I fully agree that everyone has the right to make choices and learn from them. All too often, though, people seem to make the additional request that they don't also have to live with the consequences of those decisions.

a4a

BillJones wrote: »

As do I, and I also know people earning terrible wages, who don't, so no, it's not a requirement, it's a choice ,and I wish that more people would think more carefully about making that choice. As these boards show, it all too often leads to misery.

It is a choice yes, just like an awful lot of things in life are, and everyone has the right to make their own choices.

Whilst this board may be full of people who have made 'wrong' choices or those choices have backfired on them, I think people are too engrossed in this board to realise that there is a whole other world out there where people happily borrow and happily and easily repay. In fact, I imagine there are more of those in this world (or even country), than there are of those who are reflected on this board, otherwise the banks simply wouldn't lend to anyone. Do they really want to lend to people who can't or become unable to repay!

Monkeyballs

BillJones wrote: »

Well, you did, most people don't.

Sorry, that's rubbish as most people I know did as well... Perhaps we just aren't as intelligent? Perhaps in society as a whole you're correct but my society back then was my own little world.

BillJones wrote: »

And no-one is saying that your choices were wrong for you. They were what they were, and they've lead to where you are now.

Exactly, and they're in the past and I'm paying for them so why would you add insult to injury by criticising? Maybe we both just have different view points here...

BillJones wrote: »

Exactly, whereas I (and pretty much all of my friends), struggled when younger on our low wages, kept both eyes firmly on the future, and now, in our thirties, eventually get to see the benefit.

I remember when I was younger and looking at house prices and thinking "hmmm... I could take on a mortgage now... but house prices won't ever reach silly unaffordable levels and I'm smart enough to manage my finances! so I'll think about it tomorrow" and I know many more who thought the same...

My choices bit me in the butt, end of story. I was influenced by various factors at the time which I regret but can't change so by all means advise and help but by having a dig at people struggling now serves little purpose other than to make you sound like a self righteous !!!! (which I know you're not) unless you have a time machine? In which case giz a lend and I'll go back and warn myself...

BillJones wrote: »

I fully agree that everyone has the right to make choices and learn from them. All too often, though, people seem to make the additional request that they don't also have to live with the consequences of those decisions.

Precisely! And while I know I whinge about it I am actually doing something about it. Whenever I comment on the DFW forum I always advise people to take ownership of their debts and speak to their creditors even if they'd rather not as it puts the power back in their hands and is the first step to recovery (LOL, that sounds so naff).

MB

a4a

BillJones wrote: »

Well, you did, most people don't.

Is this correct?

I can't imagine it is, otherwise lenders wouldn't lend.

It might be the case on this forum, but that only represents a small number of borrowers.