One benefit of the Credit Crunch/financial meltdown

[Donkmeister]

Finally an upside to the credit crunch - I can't remember the last time I saw one of those adverts with a message of:

"Are you an idiot who somehow managed to get a credit card and thought it was free money? Then you too can borrow your way out of debt with easy payments of 20% APR over 50 years!"

or

"Do you live in a house? Why not sign it over to us so you can buy a brand new Merc and go on holiday? Go on, do it. DO IT NOW!"

or

"Hey, did you fall for one of the adverts you've just seen? Thanks to existing legislation, you can now declare yourself bankrupt and have it all for free!"

or

"Hi, I'm Carol Vorderman. I can do sums and that. Borrow some money. Do it now. Look at the floaty special effects. Borrow some money. Do it. Boobies. Borrooooow!"


Unfortunately the woman from One Foot In The Grave has now taken on the role of old biddy in the "Hey, are you a coffin dodger? Buy funeral insurance now, and we'll send you a new fangled free gift that you won't have a clue about, but you can probably give to your grandchildren for Christmas!"

 

[Softus]

Classic.

 

[Trazor]

Unfortunately that bastion of electrical goods, Brighthouse, are advertising on television, with one slogan being ....No credit checks......

And only 29.9% APR. I wonder what percentage of defaulters they will allow to fall deeper into debt, yet still make a profit.....

 

[scatmanjohn]

"Are you an idiot who somehow managed to get a credit card and thought it was free money?

Hmmm... it is actually possible to get "free" money from credit cards/ banks.

I currently pocket 2K per year from them.

http://www.stoozing.com/

 

[Softus]

Hmmm... it is actually possible to get "free" money from credit cards/ banks.

Yeah, that behaviour has absolutely no repercussions at all, does it? It's not like the banks will ever run out of money to lend, eh?

It works only because not everybody does it. A bit like those scumbags who park in disabled spaces. Or who leave their supermarket trolleys in random spots in the car park. Or who change their minds about a product they've picked up and put it down in a different aisle out of sheer mind-numbing laziness. Or who drop litter. Or who behave in any one any one of the plethora of other selfish and anti-social ways that dog everyday life in 21st century Britain.

 

[scatmanjohn]

Yeah, that behaviour has absolutely no repercussions at all, does it? It's not like the banks will ever run out of money to lend, eh?

The money is given back in full. Whats your point?

It works only because not everybody does it.

Why do you think they offer 0% loans?

I get letters through my door all the time , they are begging me to lend money off them hoping i won't pay it back on time,

I take the cash then give it back whenever they ask.

A bit like those scumbags who park in disabled spaces

Not even slightly the same.

Or who leave their supermarket trolleys in random spots in the car park

Or like that either.

. Or who change their minds about a product they've picked up and put it down in a different aisle out of sheer mind-numbing laziness.

You are just making these up now.

Or who behave in any one any one of the plethora of other selfish and anti-social ways that dog everyday life in 21st century Britain.

How is it anti social? 99% of society know nothing of this activity.

 

[securespark]

On a serious note, it seems companies are getting desperate:

In AutoExpress this week, a story about a guy having leased a LR. When it came to the end of the lease, they asked the guy if he wanted to buy.

How much?

£34K.

No.

£28K.

No.

[After much haggling] £18K.

Not a bad discount if you really wanted the car!

 

[Softus]

The money is given back in full. Whats your point?

It works only because not everybody does it.

Example:

20 million adults each borrow £1,850 (or whatever sum you like).
Total borrowed by credit card companies from other sources = £37bn.
Amount invested in British banks this week = £37bn.

Are you starting to get the picture?

Why do you think they offer 0% loans?

To encourage people to borrow money, in the hope that some of them will spend it and have to pay interest later on.

I get letters through my door all the time , they are begging me to lend money off them hoping i won't pay it back on time.

Ah, so the previous question was rhetorical?

I take the cash then give it back whenever they ask.

That's great. You've done ever so well.

A bit like those scumbags who park in disabled spaces

Not even slightly the same.

That's a matter of opinion.

Or who leave their supermarket trolleys in random spots in the car park

Or like that either.

Yeah, we could do this all night.

Or who change their minds about a product they've picked up and put it down in a different aisle out of sheer mind-numbing laziness.

You are just making these up now.

If people didn't behave like I've said, then that would be called "making it up".

The thing I'm doing is called "describing what people do".

Or who behave in any one any one of the plethora of other selfish and anti-social ways that dog everyday life in 21st century Britain.

How is it anti social? 99% of society know nothing of this activity.

Hmm. If I secretly collected dog turds, and placed them out of sight near restaurant kitchen doors, and flies bred on them and entered the kitchen and propagated bacteria that led to mild food poisoning, and only 1% of the population knew that it was happening, with the rest of them either not succumbing or just not knowing about it, would that make it all ok?

 

[scatmanjohn]

Example:

20 million adults each borrow £1,850 (or whatever sum you like).
Total borrowed by credit card companies from other sources = £37bn.
Amount invested in British banks this week = £37bn.

Are you starting to get the picture?

Example:

20 million adults each borrow £1,850 (or whatever sum you like).
20 million adults instantly put that money straight back into the banking system.
Net amount taken out of the banking system.....?????


Got it yet?


Its how the system works fella.

When a bank pays you ...say 2.5% interest on your savings and then lends it to someone and charges them 20% interest...is that the same as your secret dog turd collecting shananigons or is that ok?

It works only because not everybody does it.

It works because the credit card companies offer money at 0% interest and banks offer savings rates of approx 6.5%.

You do the Math.

 

[Softus]

20 million adults instantly put that money straight back into the banking system.

Which "banking system" is that then?

Does it have a name?

Net amount taken out of the banking system.....?????

Don't you know?

Its how the system works fella.

Please explain how a system that needs bailing out to the tune of £37bn, "works".

When a bank pays you ...say 2.5% interest on your savings and then lends it to someone and charges them 20% interest...is that the same as your secret dog turd collecting shananigons or is that ok?

Why? Are you unable to answer the question I asked you?

It works only because not everybody does it.

It works because the credit card companies offer money at 0% interest and banks offer savings rates of approx 6.5%.

You do the Math.

I've already done it, and the answer is that you're the square root of a selfish, money-grabbing idiot.
__________________
Zoop-di-dap-bob-bop-de-boop

 

[Trazor]

Hmmm... it is actually possible to get "free" money from credit cards/ banks.

Free money............

Do you not understand that for every pound you make, someone somewhere, pays out a pound.
You are borrowing money to make money, wait wait, isn't this what the banks were doing, without the funds to back it up.
You have in effect become a middle man, but built on a house of straw.

I currently pocket 2K per year from them.

Do you understand who the them are.

How is it anti social? 99% of society know nothing of this activity.

99% new nothing of the Banks shenanigans, but even you will agree it was very anti social.

 

[scatmanjohn]

I've already done it, and the answer is that you're the square root of a selfish, money-grabbing idiot.
__________________

hmmm...name calling very intelligent.

You stick to paying the interest.

I will stick to receiving it

 

[scatmanjohn]

Do you not understand that for every pound you make, someone somewhere, pays out a pound.

yes

Do you understand who the them are.

yes


So..if i lend money to the bank (depositing funds) and then they make a profit from that money (thats what banks do).

Is that ok or not?

 

[Softus]

You stick to paying the interest.

I will stick to receiving it

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:

The money is given back in full. Whats your point?

It works only because not everybody does it.

Example:

20 million adults each borrow £1,850 (or whatever sum you like).
Total borrowed by credit card companies from other sources = £37bn.
Amount invested in British banks this week = £37bn.

___________________

So..if i lend money to the bank (depositing funds) and then they make a profit from that money (thats what banks do).

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

Is that ok or not?

If you're not sure, then why do it?

If you don't care, then why ask?

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

If someone is selfish, and money-grabbing, and behaves like an idiot, then what description would you give to them, other than "selfish, money-grabbing idiot"?
__________________
Biddley-Doo-Bip-Ska-Dit-Ribbit

 

[scatmanjohn]

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:

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

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

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

If you're not sure, then why do it?

Do what? I said is it ok for BANKS to do it.

If you don't care, then why ask?

Care about what? Where did i say " i don't care"

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.

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

See ya...wouldn't wanna be ya