Advantage to the debtors.

[king1]

You shouldn't have to pay such a high price for borrowing money, even if you default the penalty should not be so harsh. It is a necessity today to have money and that is all they are doing, acquiring money so that they can carry on living. It's so backward to financially penalise a debtor who is trying but can't afford the repayments. Why the hell would they then put them into EVEN MORE! financial hardship. That's is so backward for forming a healthy population where we all move forward together not just a chosen few. The govts today want a 'sick' nation, namely a mentally sick nation because we are easier to manipulate, control, deceive and conquer. Sick people don't ask questions because they are too busy being 'sick' all the time. It's a real problem. 

I think the only interest that governments have in debt and lending etc is economically driven, it allows people to spend money that they otherwise would not be able to spend, which helps boost the economy.  

But the problem with not having financial penalties is so many members of society will conveniently forget or ignore their obligations if the penalty was not there - just ask any business owner... and then there are the absolute ratbags who actively go out of their way to rip people off.

My mum told me when I was about 8 that "debt is BAD" and "if you don't have the money in the bank, you cannot afford it..." - words of wisdom i'm glad she imparted, obviously I had to moderate the debt is bad mantra to buy a home and pay the student loan.  I did fail miserably when I got my first credit card at 18, loaded that up and spent the next two years paying it off.  Last time I did that...  

What is backward about it is that living on credit is so normalised nowadays, but ultimately though I think it is up to the individual themselves not to get bonded to the loan sharks

[Magoo]

excellent post

 That's is so backward for forming a healthy population where we all move forward together not just a chosen few. The govts today want a 'sick' nation, namely a mentally sick nation because we are easier to manipulate, control, deceive and conquer. Sick people don't ask questions because they are too busy being 'sick' all the time. It's a real problem. I am just glad we had enough well people to oppose this covid bullshit.

oh dear, someones fallen off his twig.
its almost like someone is manipulating you. 
enough people? you arent talking about the pissant scaredy cat bitches who wouldnt get the shot?
fucken losers, or are you talking about the unemployable human trash scabs that camped on the lawn for three weeks crying their eyes out about the mandates?
perhaps you allude to the pieces of shit anti vax cock suckers who couldnt keep their horseshit conspiracies to themselves?

tell us, which group of arseholes is it we should be glad for protecting us from that fake covid?
your use of the word 'backward'...irony.

[king1]

hmm covid bullshit

6,240,391 dead

That would be the entire population of New Zealand dead

[Magoo]

hmm covid bullshit

6,240,391 dead

That would be the entire population of New Zealand dead

no, im pretty sure its just a trick to subjugate us.
you know, dark forces, pedophile supporters, hunter bidens undies
us sheeple sure wish we were as smart as those fullas ow.

[The BDI]

Hi, newbie here. 

Yesterday I had an amusing  situation arise... I had applied for an account with a local timber merchant, part of a national chain some days ago. I did that because of the huge...and I mean huge discounts available to credit account customers that do no apply to cash customers (WTF ???). I'm talking here of decking, premium av at that store for $2.25 plm , as against B*****s for $4.50 ish, and coated screws at $12/200 as against M**** for $28

 Hearing nothing I called in and spoke to the manager......

Apparently I have no credit references and no credit rating.. 

Correct I told him.. that's because I am not a debtor.    I explained that for the last two houses we built, I paid cash, and that the only reason I required an account was for the huge discounts available.

Got the account but only at a greatly reduced credit limit!  

So now its an advantage to be a debtor apparently .. cash customers need not apply.

Makes me wonder where the economy is heading  

The B D I

Totally backward if you ask me, but then so are most things in this world today. Once upon a time you were rewarded with a discount for cash purchases. Now it appears the tables have turned and you are now penalised for paying cash.

I don't know what others think but I think the cash purchasers should be the ones rewarded with discounts and offered credit accounts. To me a person who manages their money and saves who are able to pay cash for everything is in a better position financially, and they have proven they can save money and make regular deposits into their bank just as a debtor has to do with their debt, and so the two situations are basically the same except the cash purchaser has no debt so there is another reason cash purchasers should get the credit.

But we live in a world where certain people and industry make money from the desperation and despair of others which undoubtedly lead to poor decision making ie taking out a loan when they can't afford the repayments etc and ending up in huge debt from late payment fees, with no way out. Which brings me to my next point. Why are they lending money to people who can't afford the repayments? Just like they write you out of something they can write you in if they chose.

They make up and word these contracts with the knowledge that desperate people will be attracted to them. Still not fully understanding, they sign their life away because they are desperate. As hunni says its all about money.

Yep, so glad I escaped the credit trap 30 years ago... have not paid any interest to speak of for decades. Saved gazillions. I have but one credit card , a Platinum with enough credit to buy a small car, which I use as convenient and pay off on the dot.

[donovapreuss]

It's always frustrating when you come across situations like this where it seems like you're penalized for being responsible with your finances. But from the merchant's point of view, offering discounts to credit account customers is a way to incentivize people to use their credit services and generate more revenue for the company. It's good to hear that you could still get the account, even if it was at a reduced credit limit. And who knows, over time, as you build up a credit history, you'll be able to get higher limits and more discounts.

[mogandasmogandas]

That's why I consulted my Mortgage Broker in Wolverhampton when I wanted to take out a mortgage, so I wouldn't be cheated. Thanks for sharing your experience with us.

[Oh_hunnihunni]

That'd be down Waitoke way then, this Wolverhampton place?

[Praktica]

That'd be down Waitoke way then, this Wolverhampton place?

I'm surprised "mortgage broker" isn't a hotlink.

[harm_less]

That'd be down Waitoke way then, this Wolverhampton place?

I'm surprised "mortgage broker" isn't a hotlink.

Probably will be once the member reaches the 'newby threshold' and can do so.