Sunday, October 8, 2006

Big rate rises on the cards!

Stretched to the limit

"Lenders have an alarming new ploy to boost their profits. If you are struggling with card repayments, stand by for a big rise in rates"

Posted by uncle arthur @ 03:52 PM (506 views)
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4 thoughts on “Big rate rises on the cards!

  • Could not see article to comment on.

    However – I am not surprised. Now it is time for the lenders to clean up (big big profits) and wipe the floor with the idiots who did not think before signing on the dotted line.

    The Lenders are in a win-win situation. If the borrowers cannot pay up- they get the house. If the forced house sale does not cover the debt – then they simply put rates up so the rest of the borrowers collectively pay the debt. This works so long as the majority of the borrowers have been sensible. If not then the Lender goes under too !! (very unlikely as all the Lenders support each other).

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  • arthur, repost this with the correct link please!

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  • Anybody who thinks that low interest rates and fudged inflation figures are going to save them is living with their head in the clouds. The banks will make the same inflation adjusted profit or more each and everytime. They will just set their own rates accordingly and as for cards – do they bear any relation whatsoever to base rates? Step this way ladies and gentlemen to the abbatoir.

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