[interestrateripoff]

http://www.dailymail...-base-rate.html

Quote

Banks are charging customers the highest overdraft rates since records began.

The average authorised overdraft rate is 19.52 per cent – nearly 40 times the base rate which has been kept at a historic low of 0.5 per cent for three years. It means an overdraft of £1,000 for a year would cost £195 before a penny of the debt was paid off.

So the Wail goes for interest only overdrafts....

Don't use your overdraft unless it is an emergency, too many people for too long have lived in them.

I know of people who see the overdraft as "their" money which needs to be spent.

[Gone to Ireland.]

The thought of going into my overdraft sends a chill down my spine. It would be a dark dark day for that to happen.

[eight]

interestrateripoff, on 03 May 2012 - 07:27 AM, said:

http://www.dailymail...-base-rate.html



So the Wail goes for interest only overdrafts....

Don't use your overdraft unless it is an emergency, too many people for too long have lived in them.

I know of people who see the overdraft as "their" money which needs to be spent.

Must be those astronomical "payday" loans I keep hearing about.

[jaspers]

Whenever I log into my NatWest account online, for my current account in the first column it says 'amount available', which includes a £5000 unasked for overdraft facility.When I first logged on I thought I was considerably richer than I was until 0.5 sec later when I realised what they'd done!

[Sour Mash]

interestrateripoff, on 03 May 2012 - 07:27 AM, said:

http://www.dailymail...-base-rate.html



So the Wail goes for interest only overdrafts....

Don't use your overdraft unless it is an emergency, too many people for too long have lived in them.

I know of people who see the overdraft as "their" money which needs to be spent.

It seems to be an increasingly common trait amongst the ever more fiscally illiterate public to see accessible credit (overdraft facility, credit card limits, credit deals) as being equivalent to actually having a positive balance in your bank account.

Then again, they may have the last laugh if the whole thing really goes south.

[Monkey]

i live in my overdraft, its only £100 but what i do is pay it off every month, i take my money out of my current account when i'm paid, minus paying off over draft and put it in to a savings account, which at 2.**% is earning me considerably more interest than leaving it in my current account. and as the overdraft is normally for less than 15 days the interest incurred is considerably less than what i will earn on the money being in my savings account.

my overdraft cost me £0.19p for the fisical year 2011/2012 in interest etc.

[Brave New World]

Seeing this with trying to take out a personal loan for a car at the moment. Don’t have any credit cards and £125 of outgoings (away from rent) on easily above average salary but getting quoted 14-19% over 6 years!

[mfs1959]

Since the banks are restricted with the charges they can now levy for unauthorised and excess use of an overdraft facility then they have to make their money in a more obvious way.

[mfs1959]

Brave New World, on 03 May 2012 - 12:50 PM, said:

Seeing this with trying to take out a personal loan for a car at the moment. Don’t have any credit cards and £125 of outgoings (away from rent) on easily above average salary but getting quoted 14-19% over 6 years!

If they cannot make money by selling PPI then they have to be above board and charge higher interest rates.

[South Lorne]

interestrateripoff, on 03 May 2012 - 07:27 AM, said:

http://www.dailymail...-base-rate.html



So the Wail goes for interest only overdrafts....

Don't use your overdraft unless it is an emergency, too many people for too long have lived in them.

I know of people who see the overdraft as "their" money which needs to be spent.

...well somebody has to pay for the low mortgage rates and bad debts ...and the High Street Banks' Directors' bonuses....can't come out of thin air can it...?....oh and of course they keep the rates for those savers low ....just to ensure next years bonus is on track ...bottom line losses or not....

[alexw]

mfs1959, on 03 May 2012 - 12:55 PM, said:

If they cannot make money by selling PPI then they have to be above board and charge higher interest rates.

Or perhaps, just perhaps they can lower bankster pay levels and the degree to which they are looting our society?



Or is that an insane suggestion because they are supremely skilled and intelligent, veritable Übermensch just as the nazi's talked about, and i'm just posting the 'politics of envy'™?

[Englebert]

Financially literate or not, the bottom line is that the Financial Services - the banks - in this country have got the economy by the BALLS. There will never be a true recovery unless there is a debt write off. Don't ask me how this can be achieved fairly - I don't know if it is possible. What I do know is that less money in people's back pockets means absolute stagnation in most aspects of the economy and consequently, people's lives. The number of people I know with debt management plans is staggering. These are people without houses...they are not rich by any means. The best thing they did was to say 'screw you' to the financial slavery. They are much happier nowadays. So I think the banks can put up overdraft rates as much as they want because, ultimately, sooner or later, their 'customer' will just walk away.

[OnlyMe]

The Dude, on 03 May 2012 - 03:27 PM, said:

Financially literate or not, the bottom line is that the Financial Services - the banks - in this country have got the economy by the BALLS. There will never be a true recovery unless there is a debt write off. Don't ask me how this can be achieved fairly - I don't know if it is possible. What I do know is that less money in people's back pockets means absolute stagnation in most aspects of the economy and consequently, people's lives. The number of people I know with debt management plans is staggering. These are people without houses...they are not rich by any means. The best thing they did was to say 'screw you' to the financial slavery. They are much happier nowadays. So I think the banks can put up overdraft rates as much as they want because, ultimately, sooner or later, their 'customer' will just walk away.

I see this happening too, how can there be any stigma in telling the banks to screw themselves after watching the way the banking scum behave when given hundreds of billions of taxper's money directly and indirectly through QE and inflation - if yo don;t have savings and anything to lose taking them to the cleaners time and again has got to be the way to do. The central baks talk about moral hazard, they are a fountain of it and are utterly clueless about the damage they have doen to this country and the population as a whole.

[Venger]

The Dude, on 03 May 2012 - 03:27 PM, said:

Financially literate or not, the bottom line is that the Financial Services - the banks - in this country have got the economy by the BALLS. There will never be a true recovery unless there is a debt write off. Don't ask me how this can be achieved fairly - I don't know if it is possible. What I do know is that less money in people's back pockets means absolute stagnation in most aspects of the economy and consequently, people's lives. The number of people I know with debt management plans is staggering. These are people without houses...they are not rich by any means. The best thing they did was to say 'screw you' to the financial slavery. They are much happier nowadays. So I think the banks can put up overdraft rates as much as they want because, ultimately, sooner or later, their 'customer' will just walk away.

Actually it means deflation. And there can't be write offs, when people are still trying to buy poncey status cars and considering 6 year loans.

Not when I've denied myself that, totally flush, and am positioned to buy some nice status car when more people are forced to sell them cheap to raise money.

The bad money has to make way for the good money. Not more credit for those in the hole, and keeping them in houses they shouldn't be in, prices having been prevented from crashing, whilst good/smart money is in rented.

[zebbedee]

My overdraft rate is 0%, O' wait a minute I don't spend money I don't have and will have to pay back more on than I spent thus reducing future spending capacity. Hows about this people count up what they earn and all their necessarily expenditure, housing, heating, food and clothing, see whats left and only spend that on crap. If they are in debt they can use whats left to pay off the debt and then have the interest payments extra each month. A novel idea I know but thought I'd put it out there.