Posted on 08/30/2023 11:39:46 AM PDT by RandFan
I just didn’t like their marketing I feel it’s irresponsible
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What’s irresponsible is dismissing this offer without due consideration. I assume you have no credit card debt, but many people do at 18%, 21% or even higher.
They would be stupid not to take advantage of a lower interest rate.
I can pay cash for most whatever needs I have. But when I can get 6 months interest free to pay for dental work or buy tires, then yeah. I take advantage of free money.
Irresponsible? Irresponsible is wasting people’s time by coming on FR and posting a useless vanity AND showing ignorance of possible financial advantages.
For many years, I calculated the tax benefits were worth keeping my mortgage. When I ran the numbers it was slightly better to not pay the mortgage off.
However, when I ran the numbers again after the SALT deductions were greatly limited in the 2017 tax changes, I ran the numbers and immediately paid off the rest of the mortgage - it was a no brainer.
intising you to go into debt. save and pay cash. you dont want to owe your soul to the evils of debt.
Some people have gotten very wealthy using debt as a tool.
only if they are fdic insured, otherwise stay far away from them.
I object to the whole fractional reserve banking system itself that we’re all forced to use
My wife handled the family finances for most of our 50 years together. She took it over from me early on when she realized I was paying bills as soon as they came in rather than later but on-time. Our credit was good enough that everyone wanted to lend to us. She financed some big ticket items on zero or minimal interest accounts, then refi'd into the next "no interest until" offer that came in.
Not so good a deal now though; they are typically charging a 4% fee on balance transfers.
I’ve had an almost perfect credit score for the last 20 years and I rarely receive offers. Heck, if I need money I’ll do a reverse mortgage. They’ll get their money when my house sells after I die or go to a nursing home.
I’ve gotten those. The rate is better than a credit card, not as good as a HELOC or Car Loan though. I imagine they send that stuff to people who don’t need it.
They are free to offer it, that’s what they do...
BANKS make money on the spread... to make that money they have to loan it out.
If you have decent credit history and income, why would it be considered “evil” to offer you a loan?
If the bank knows you have zero ability to repay such a loan, and puts you in a loan they know you cannot afford, then yes, that would be immoral, and believe me I am not here to defend banks moraliy... .However letting you know they can offer you a loan that you could afforde is not an immoral act.
I’ll bet it is exactly the break even. The folks that create those “products” know the angles. It was fun watching them work. But, they never let me get closer to the money than the “orientation tour” of the big vault.
The last sentence is an interesting point. You don't "loan a hand" to a friend in need. The verb "loan" is explicitly for money.Loan vs. Lend: Usage Guide
The verb loan is one of the words English settlers brought to America and continued to use after it had died out in Britain. Its use was soon noticed by British visitors and somewhat later by the New England literati, who considered it a bit provincial. It was flatly declared wrong in 1870 by a popular commentator, who based his objection on etymology. A later scholar showed that the commentator was ignorant of Old English and thus unsound in his objection, but by then it was too late, as the condemnation had been picked up by many other commentators.Although a surprising number of critics still voice objections, loan is entirely standard as a verb. You should note that it is used only literally; lend is the verb used for figurative expressions, such as "lending a hand" or "lending enchantment."
I’ll bet the letter didn’t mention the bad part: you have to pay it back, in fact you’ll wind up paying $xxxxxx in total when you’re finished or we’ll come and repossess the house you improved and the car you bought.
I don’t like usury generally or the banking “system”
so? you shred the letter and don’t get a loan.
My credit union gives a WHOPPING .01% interest on savings and (I just looked) 13% interest on auto loans.
I’m in the wrong business..
I object to the whole fractional reserve banking system itself that we’re all forced to use.
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No one’s forcing you here. Close all your banking accounts, credit accounts, retirement accounts, investment accounts, savings accounts, mortgage accounts, and refute the cashless system. In other words - go live in a van down by the river.
Leave this “fractional reserve banking system” to those of us who have the ability to use it to our advantage.
Or the most pristine and safe investment one can make - 4 week US Treasury bills, currently paying around 5.4%.
My credit union gives a WHOPPING .01% interest on savings and (I just looked) 13% interest on auto loans.
I’m in the wrong business..
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Probably. But you definitely have the wrong credit union.
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