They should be taken out and shot

[andrewducker]

I just opened some junk mail that had arrived here for tisme - offering credit - "No matter your credit history", at the low, low rate of 29.9% - but with the first week only costing £1!

Oh, and you had to buy from their store, where they were selling wide-screen TVs, over-priced computers and "authentic" leather beds.

So, they're aiming it at people with no money, a history of bad debt, a taste for stupidly expensive things, and no idea that 30% interest rates are a mindnumbingly horrible rip-off

They should all be fucking shot repeatedly through the head.

Comments

[stillcarl.livejournal.com]

So, they're aiming it at people with no money, a history of bad debt, a taste for stupidly expensive things

Actually, you could say that's just the price you pay for having a history of bad debt. You're high risk, so it's going to cost you more...

And for that matter, what are you charged on your credit-card?

Hee - and there was a TV doco here last night on house-buying. One of the banks is offering zero-deposit home loans...

[flickgc.livejournal.com]

4.9%.

A couple of years ago, some young city types in London were getting zero deposit, 120% mortgages....

[flickgc.livejournal.com]

(I had to look that up: I've never actually been charged anything on it.)

[stillcarl.livejournal.com]

4.9%?

Compare: http://www.interest.co.nz/creditcards.html

;-)

A couple of years ago, some young city types in London were getting zero deposit, 120% mortgages....

Go the young city types. ;-)

A couple in the doco were suddenly paying twice what they'd been paying in rent, with 30 years of mortgage payments ahead of them. As no doubt lots are. And lots of others are expecting a correction (or crash) in the market soon, and interest rates to rise. Which means that lots might soon be paying off homes that are not worth anywhere near what they paid for them...

[flickgc.livejournal.com]

Holy cow. That's absurd! Typical UK rates seem to be about 10-15%. But it's complicated, becuase of the zero rated balance transfers, cash back, reward points....

I couldn't believe that people were taking out such huge mortgates. A lot of them were also self-declaring income, so taking far larger amounts than the banks would normally allow. It's probably a good thing for them that the rates and prices have stayed fairly stable, rather than shooting off in opposite directions as expected: by now, of course, they're probably earning £20-30k per year more than they were then, so they can afford it....

[stillcarl.livejournal.com]

"Our" banks are mostly owned by Australian banks too, which adds to the insult.

When it's been twenty years or so since the last major dip in an economy, a lot of the young (and not so young) think things are going to stay the same or just keep getting better. Which kinda assumes humans have evolved more smarts in just twenty years, but I haven't noticed it...

You think 20% interest rates on cards are high? When I was young, NZ had a 21% inflation rate for a while...

[octopoid-horror.livejournal.com]

I have never actually -owned- (well, mortgaged, property), I live in a rented flat.

Reading about mortgages (since I'm trying to study for an CFP), when they're actually discussed in depth as a product, they sound even more than usual like a really elaborate scam on the part of the banks ;-)