One benefit of the Credit Crunch/financial meltdown

[Softus]

Unlikely to be me, but if you're saying that your interest comes from other credit card customers, then why did you imply that you didn't understand this point: (and then a meaningful chunk missing from I actually posted)

I didn't..... you are confused.

Well, feel free to explain the situation in your own terms. It will be fun.

So, you explain where the £37bn went, then.

So are you saying that stoozing was the cause of the "credit crunch"

Does that question mean that you're unable to answer my question?

If it's important to its operation that only 1% of people know about it, then why publish the information here?

Who said that...please provide a link.

Just follow the link to your post - the URL is in your own post.

You look daft when you start to tell lies to try and make yourself look clever.

I'm looking forward to seeing you point out which statements were lies.

 

[JohnD]

this looks like a barmy argument to me.

If I go to a shop, and they have a special offer on Jaffa cakes - buy one get one free, introductory offer, ten for the price of one, free Jaffa cakes with the coupon in your "Daily Advertiser" or whatever, it is quite clear what is going on. They want to entice me as a customer, knowing they won't make a profit on the offer today, but they hope to get me to habitually go into their shop. they also hope that while I'm there getting my Jaffa Cakes, I will squander money on their profitable fizzy drinks, special brew or whatever.

In the same way, if a credit card company offers me good terms as an introductory offer, whether it's X months interest free, a free carriage clock or something else, I know very well that they're hoping I'll build up a big balance so they can stiff me for 25% or more interest when the period ends. They also hope that once I'm a customer, they can flog me PPI, house insurance, home improvement loan or some other high-price low-quality product to boost their profits.

Both the banks and the shops know there is a risk that there will be a few customers who are so sensible that they take advantage of the special offer without falling for the trick and shovelling heaps of money into the shop, or bank, later.

They design the offer to attract the maximum number of profligate fools, and the minimum number of sensible people. but they don't make these special offers without calculating that, all in all, they will make a fat profit out of it.

Blaming the Jaffa Cake enthusiast for the bankruptcy of Tescos would be as silly as blaming the Credit Card Stoozer for the collapse of the international banking system.

 

[Donkmeister]

"Jaffa cake enthusiasts", "secret dog turd collector/depositor" and "stoozing"...

I love this place

 

[Softus]

this looks like a barmy argument to me.

Do you mean what follows that statement, or precedes it?

And if it's the latter, are you referring to the point I was making, or the galactically stupid and superlatively selfish point-missing exercise being conducted by a scatty man?

Both the banks and the shops know there is a risk that there will be a few customers who are so sensible that they take advantage of the special offer without falling for the trick and shovelling heaps of money into the shop, or bank, later.

They design the offer to attract the maximum number of profligate fools, and the minimum number of sensible people.

This is exactly the same (albeit with more words) as saying "It works only because not everybody does it", which somebody wrote back on Tuesday.

but they don't make these special offers without calculating that, all in all, they will make a fat profit out of it.

Mmm. Jaffa cakes - gooooood.
Fat profit for loan sharks - gooooood.
Stoozing - gooooood.
Lack of any care in the world that the country is borrowing beyond its means - goooooood. Uh-oh...

AWOOOOGAH !! AWOOOOGAH !!

...credit crunch - someone else's fault.

Blaming the Jaffa Cake enthusiast for the bankruptcy of Tescos would be as silly as blaming the Credit Card Stoozer for the collapse of the international banking system.

Who did either of those things, and when?
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Zibble-ee-bop-bop-dee-dit-zamby-ting

 

[scatmanjohn]

JohnD...at least someone has got their head screwed on.

I think softus has lost it with his "AWOOOOGAH !! AWOOOOGAH !!" rant.


http://www.creditcards.co.uk/glossary/loss-leader.html

So, what you are saying is that anyone who purchases a "loss leader" product/service is a "money grabbing idiot"

 

[Softus]

Unlikely to be me, but if you're saying that your interest comes from other credit card customers, then why did you imply that you didn't understand this point: (and then a meaningful chunk missing from I actually posted)

I didn't..... you are confused.

Well, feel free to explain the situation in your own terms. It will be fun.

So, you explain where the £37bn went, then.

So are you saying that stoozing was the cause of the "credit crunch"

Does that question mean that you're unable to answer my question?

You look daft when you start to tell lies to try and make yourself look clever.

I'm looking forward to seeing you point out which statements were lies.

 

[scatmanjohn]

Ahhhh....Sorry...i get it now.

Its only Softus that gets to ask the questions on here.

How rude of me to ask a question and expect an answer.

 

[Softus]

Ahhhh....Sorry...i get it now.

Its only Softus that gets to ask the questions on here.

How rude of me to ask a question and expect an answer.

When you've quite finished with your sarcasm, maybe you'd like to explain what right you have to get an answer to a question you ask, when you've provided no real answers yourself.
__________________

Skiddey-boopy-bap-biddley-biddley-zoo-dang-de-dit

 

[Trazor]

In the same way, if a credit card company offers me good terms as an introductory offer, whether it's X months interest free, a free carriage clock or something else, I know very well that they're hoping I'll build up a big balance so they can stiff me for 25% or more interest when the period ends.

And in doing so, they know a proportion taking up that offer will also fall deeper into debt.
The Banks know this full well, but as they are making money, who cares.

See my post earlier about Brighthouse, who also make money this way, and also with no morals.

They also hope that once I'm a customer, they can flog me PPI, house insurance, home improvement loan or some other high-price low-quality product to boost their profits.

And I can remember when you used to go to the Banks, and receive sound financial advice.
Now the "products" they sell you are for their benefit, not yours.

Both the banks and the shops know there is a risk that there will be a few customers who are so sensible that they take advantage of the special offer without falling for the trick and shovelling heaps of money into the shop, or bank, later.

So few, and nowhere near 1% I may add, that the Banks ignore it, and carry on improper lending.
I mean, what can go wrong when you carry on lending irresponsibly, oh wait wait what position are we in now.

They design the offer to attract the maximum number of profligate fools, and the minimum number of sensible people. but they don't make these special offers without calculating that, all in all, they will make a fat profit out of it.

Oh yes, drawing many people into deeper debt, what fine institutions they are

Blaming the Jaffa Cake enthusiast for the bankruptcy of Tescos would be as silly as blaming the Credit Card Stoozer for the collapse of the international banking system.

No one thinks that, but the same moral and ethically corrupt thinking lies behind it.

 

[scatmanjohn]

The facts are this:

I posted about "stoozing"

You got on your high horse and said i was "a money grabbing idiot" for doing it.

All the rest is just bullshit.

If you think i am the "idiot" for taking advantage of a "loss leader" then that is up to you.

 

[libby lou lou]

And I can remember when you used to go to the Banks, and receive sound financial advice.
Now the "products" they sell you are for their benefit, not yours



The sound financial advice you recieved was for their benefit, you just didn't realise that

 

[Softus]

The facts are this:

I posted about "stoozing"

You got on your high horse and said i was "a money grabbing idiot" for doing it.

Not quite accurate. Nowhere near accurate, actually.

1. You posted about stoozing, which has nothing to do with the OP's point.
2. I pointed out that stoozing works only because not everybody does it.
3. You were unable to see the point, despite the harsh reality being pointed out to you.
4. Then, several posts later, I called you selfish, and money-grabbing, and an idiot.

If you think i am the "idiot" for taking advantage of a "loss leader" then that is up to you.

I don't. I think you're an idiot for being unable to understand that there are far-reaching effects of the lending practice of which you've been taking advantage, and for being unable to understand why the loss-leader works without it being explained in terms of some spongey orangey cakes.

Being on the dole gets you "free" money. Only an idiot persistently fails to understand that the Welfare State works only because not everybody takes money out of it

The NHS gives you "free" treatment. Only an idiot persistently fails to understand that it doesn't go bust only because many people don't need it.

Begging on street corners gets you "free" money. Only an idiot persistently fails to understand that it works only because not everybody does it.

Not everybody does it - that's why it works.

Now repeat this to yourself 100 times every morning, and eventually it might sink in. Have a Jaffa Cake, if it helps you think.
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Skam-da-stoozy-bim-bom-bap-dee-ping

 

[libby lou lou]

Softus, whats with the avatar or whatever you call it ski bop dedo dar?

 

[Softus]

Oh, I just thought it was the done thing. Is it not?
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Jaffy-dip-dop-dap-wang-wang

 

[libby lou lou]

Can you be sarcastic at times