Monday, December 31, 2007

Everyone’s lost their marbles. Get it?, Huh…?

HIKE IN CREDIT CARD CHARGES TO HAMMER HARD-UP SHOPPERS

Credit card charges being hiked. How does thios relate to the global situation. A financial planner coments...

Posted by financial planner @ 01:14 AM (864 views)
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11 thoughts on “Everyone’s lost their marbles. Get it?, Huh…?

  • From the article:

    Damon Gibbons, of anti-poverty pressure group Debt On Our Doorstep, said: “It’s another example of how firms target low-income borrowers, charging them high rates of interest that can only lead to them becoming credit-dependent, tied into a spiral of debt.”

    Couldn’t have put it better myself!

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  • marbles don’t want to be holding the bag when the ass falls out of the economy. smart move get everyone to shift to another provider and those who cant just bleed them dry till they go under

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  • Tiggerthetiger says:

    A spokesman for the firm added: “People are able to move to other providers if they don’t want this.”

    yeah right, such utter weasel words….what other providers will take on their low income customers and give a better deal ??

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  • The hope of these companies is that Peter will be robbed to pay Paul.

    Basically it is money slushing from one of these companies to another, in ever increasing amounts.

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  • It seems Lloyds TSB the highstreet bank are starting a new gouge with their overdrafts…but you only get charged a month or so after you incurred the charges.
    They have put out literature that seems deliberately obscure and have not yet stated or set the charge rate for those overdraft fees.
    Comes in next month..probablt time to read the small print in any flier you get from a highstreet bank..they are trying to recoup their losses from individuals.
    Time to stay in the black!

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  • My Capital One Credit card has had me on 33.94% since April; don’t believe their caring TV adverts are just a teaser con. And can only assume these extreme hikes will not be in the inflation basket.

    Putting 33.94% on top of the already inflated price of a loaf of bread is incredible.

    PS Happy New Year to everyone who visits this site.

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  • I am so glad I have lived within my means in the past.I have alot of friends who have maxxed out many cards,for the high life.ouch!!

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  • financial planner says:

    “Putting 33.94% on top of the already inflated price of a loaf of bread is incredible.” It may appear incredible however of course banks are NOT charities. They are there not to help but to push loads of debt on to you then, they hope, take your house. Welcome to the world of banking.

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  • Waitinginspain says:

    I find it SO SO frustrating when people choose to take on debt (“no, I didn’t choose to – the bank made me spend the money”) and then complain about the charges. The provision of credit is a service like any other service. Rates are set generally to make a profit for the insititution and specifically to reflect the risk that different borrowers represent. Personally, I’m glad I don’t have a credit card (or any other form of debt) and will never have one again having got out of £15,000 debt ten years ago. I don’t blame anyone other than myself for me getting into debt – and I can’t thank anyone for helping me get out of it. Nearly everyone can live within their means if they try – In my opinion, greed is what puts most people into debt, not banks or credit card companies!

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  • Even if customers are in a position to make a balance transfer to another company the days of a “free transfer” are over as the vast majority now impose a 3% fee.

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  • During the dot-com boom, companies were engaged in a mad rush for “eyeballs”. It didn’t matter whether they made any money, just as long as they had customers. They would figure out how to make money later.
    The recent credit boom has been similar: banks offered special deals to entice new customers without regard for profitability. Now that the boom has ended the banks are scrambling for ways to turn those customers into revenue streams. I wonder if any more banks or credit card companies will hit the wall?

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