Is that still occurring to the same extent? I don't post there anymore, but I assumed censorship peaked with Chris Becker's departure as moderator.
Gunna is one of their favourite sons whilst I'm considered a pariah by DLS.
Actually I didn't have an issue with Chris Becker. I've known Chris for some years now and I have always enjoyed a good relationship with him.
I take the negativity as a compliment. If the commenters had an argument against what I say they would debate their views instead of resorting to personal abuse and quite disgusting suggestions. It's all a bit High School - cool guys vs nerds.
Any expressed market opinion is my own and is not to be taken as financial advice
My first few years of working, I got a pay packet every week with a payslip and currency. I didn't have a bank account.
I had to live off what I had and if I wanted something like a new TV, I had to save my money in a tin. Very often, I would see something I liked, decide to buy it and start saving only to decide a few weeks later that I really didn't need or want it that much. I had the luxury of never having to regret an impulse purchase.
I only got a bank account when my employer changed to paying wages directly into accounts. Even now I use credit cards only as a means of transaction. I have never paid a penny in interest on a credit card. I settle up the full amount at the end of the month.
Same same
Remembering at the time why the pay never got robbed as there were two sheds 200 metres apart, pay was done in one and then one of the foremen would casually walk a box full of envelopes with about 100 pay packets down to the second shed, every Friday arvo like clockwork. Easy pickings if you were so inclined, wouldn't last 5 minutes today.
Guess that shows the relative honesty in society then Vs now.
Quote:
I am pretty sure that if I was given a card with a 10k or 20k limit at 18, I would have gone straight out and bought a brand new Sandman panel van complete with 8 track stereo and a naked woman painted on the side. Instead, I bought a rusty old EH station wagon for $200.
HQ sedan with a 4 litre a week (Free sump oil from the servo) habit for $400 for me.
It was 4 years before I bought something half decent (13 year old XB Coupe) and that required the old man coming with me to the bank to meet the manager to take out a loan for $3,000.
Dont see any of the tards of today doing that - more likely their parents have given them a newish car (must be multi airbag and iPhone equipped) or getting into shitoads of debt for some eurotrash POS that loses 20% of its value in year 1
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
At around 18% credit cards border on criminal behaviour by the banks. Whenever I get financial details off clients and they tell me that they don't have any credit cards I let out a little silent cheer.
Wanna take a guess how many credit cards I have? ...
I suppose one could argue that used wisely, they let you get free use of the bank's money for a month while your own money is busily earning interest? But I just don't feel sufficiently motivated to be bothered with that. And anyway, there's the annual fee to consider as well.
A Professional Demographer to an amateur demographer:"negative natural increase will never outweigh the positive net migration"
Wanna take a guess how many credit cards I have? ...
I suppose one could argue that used wisely, they let you get free use of the bank's money for a month while your own money is busily earning interest? But I just don't feel sufficiently motivated to be bothered with that. And anyway, there's the annual fee to consider as well.
I don't use cash at all. You'll find that most card providers don't charge an annual fee if you spend over a pre set amount every year (mine is 15k).
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
I don't use cash at all. You'll find that most card providers don't charge an annual fee if you spend over a pre set amount every year (mine is 15k).
It comes back to how the card is used and what it offers. I have an AMEX card that has an annual fee of about $400 but every second year they fly my wife and I anywhere we want to go in Australia or New Zealand, so I get the fee back that way. I would have a holiday away in any case.
My objection to credit cards is because it puts easy money into the hands of inexperienced users. That's the main issue from my perspective.
I get people who come to me and say "I've saved $20,000" and then I say "but you have a $20,000 credit card debt" - They just don't seem to understand they have no savings, it's expected that their limit will be fully maxed out into perpetuity. That may be fine when they have no other debts, but then they want a home loan and a car loan and still have a maxed out credit card.
I think that it's an educational issue. All of those things are fine if they are managed well, but having them all at the same time might just not be good management, especially if life throws them something from left field
Any expressed market opinion is my own and is not to be taken as financial advice
I think credit cards are a great tool, but like any tool you need to know how to use them.
For all their failings — enticing the young into debt and so on — they will never grow to the extent where they can trigger an economic meltdown or financial crisis. The amounts involved are too small. Credit cards are interesting, but probably inconsequential to the overall economic picture.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
At around 18% credit cards border on criminal behaviour by the banks.
Does the unsecured risk justify the rate though?
I'm guessing not - I'd love to see some data on how profitable CCs are for the banks - I doubt they would disclose it unless they were forced to. The rate never seems to come down either, no matter what the OCR is doing.
I'm guessing not - I'd love to see some data on how profitable CCs are for the banks - I doubt they would disclose it unless they were forced to. The rate never seems to come down either, no matter what the OCR is doing.
Yes much of it is high risk compared to other lending. However much of it is low risk. The bank already has a mortgage over the house so they have quasi secured debt which still attracts the high rate.
One of the lenders does offer a $20,000 card at home loan rates so I guess that's tied to the security somehow.
Any expressed market opinion is my own and is not to be taken as financial advice
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