Latest topics
» Radio Advertising
by Freemind1 Yesterday at 8:44 pm

» Repeat cust didn't pay !
by milspec6 Yesterday at 8:31 pm

» What's a fair price for this ?
by milspec6 Yesterday at 8:25 pm

» humble pie
by milspec6 Yesterday at 8:20 pm

» Before & after pics in your ads.
by dp1 Mon Jun 26, 2017 10:36 pm

» Connection with the largest contractor in my area.
by Freemind1 Sun Jun 25, 2017 9:23 pm

» Another mess
by milspec6 Fri Jun 23, 2017 4:07 pm

» You know it is hot when you turn down jobs
by milspec6 Fri Jun 23, 2017 2:56 pm

» Why I was away
by milspec6 Wed Jun 21, 2017 10:11 pm

» Pressure washer help
by steamprony Wed Jun 21, 2017 9:02 pm

» that's a 1st, ugh!
by milspec6 Tue Jun 20, 2017 10:20 pm

» After a long winter
by milspec6 Tue Jun 20, 2017 10:19 pm

» Setting customer expectations.
by milspec6 Tue Jun 20, 2017 10:14 pm

» Adding on work while you are there.....
by Freemind1 Tue Jun 20, 2017 8:36 pm

» Happy Father's day !
by Mo Mon Jun 19, 2017 1:03 pm


Banks are going under very soon

View previous topic View next topic Go down

Banks are going under very soon

Post by milspec6 on Wed Apr 13, 2016 5:24 pm

I was called by my bank, were I do my personal banking, today with an offer for a consolidation loan. At first, I nearly declined, but she was polite and so I listened to the sales pitch. They wanted to issue me a consolidation loan at 8% to pay off a VISA balance that was at 14% with no early payoff penalty.

So, I thought about it and asked if there would be any up front fee? She says no. I thought about it and said sure, lets do it.

Why? I am not a fan of loans, especially consolidation loans to pay off a credit card, but here is the funny part......the bank providing the loan is the same bank that issued the VISA. Money Pile

I guess banks are not hiring math majors. They would rather have 8% instead of 14%.....good thinking.
avatar
milspec6
Moderator
Moderator

Posts : 8933
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: Banks are going under very soon

Post by Davey Cracker on Wed Apr 13, 2016 6:50 pm

Reminds me or a credit card debt I once settled......it was a total of $21k of debt that I was able to settle for a grand total of $1,253! Shocked I still can't believe it myself, many years later. Laughing

_________________
-Dave-
Teeter
avatar
Davey Cracker
Expert & Trusted Member
Expert & Trusted Member

Posts : 4796
Join date : 2013-09-20
Age : 50
Location : Long Beach CA

Back to top Go down

Re: Banks are going under very soon

Post by milspec6 on Wed Apr 13, 2016 7:22 pm

I think these things happen because there is no actual paper money being transferred, just numbers.

Half the things that I buy would never have been purchased if I had to count out the cash. I'm pretty sure they would never have accepted the $1,253 either if it wasn't just a numbers game.
avatar
milspec6
Moderator
Moderator

Posts : 8933
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: Banks are going under very soon

Post by Freemind1 on Wed Apr 13, 2016 8:31 pm

Honestly, it could be them just trying to get you to take the loan at a lower APR, in hopes you charge your credit card up more.

The FED is literally GIVING money to banks. They have to do something with it to get more "free" money.

Freemind1
Senior Member
Senior Member

Posts : 979
Join date : 2013-09-20

Back to top Go down

Re: Banks are going under very soon

Post by milspec6 on Wed Apr 13, 2016 10:09 pm

If that is the case Freemind, they don't know me very well. The only reason I have a balance right now is because my main customer is beyond on payments and I needed to update equipment and didn't want to wait.

I am a cheap skate much of the time.
avatar
milspec6
Moderator
Moderator

Posts : 8933
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: Banks are going under very soon

Post by Peter Breen on Thu Apr 14, 2016 2:49 pm

Milspec6 your just shrewd and everyday you look at your first dollar you made LOL

Peter Breen
Member
Member

Posts : 94
Join date : 2016-01-10

Back to top Go down

Re: Banks are going under very soon

Post by milspec6 on Thu Apr 14, 2016 2:50 pm

@Peter Breen wrote:Milspec6 your just shrewd and everyday you look at your first dollar you made LOL

It is easy to do when you don't have that many dollars to look at. Very Happy
avatar
milspec6
Moderator
Moderator

Posts : 8933
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: Banks are going under very soon

Post by Devon07 on Thu Apr 14, 2016 3:17 pm

You may have agreed to a new contract that is not as favorable as the original.

_________________
USA flag  
avatar
Devon07
Expert & Trusted Member
Expert & Trusted Member

Posts : 1912
Join date : 2015-04-02
Age : 52
Location : Oklahoma

Back to top Go down

Re: Banks are going under very soon

Post by milspec6 on Thu Apr 14, 2016 3:28 pm

@Devon07 wrote:You may have agreed to a new contract that is not as favorable as the original.

It is possible, but compared to a VISA agreement, it would be unlikely. I did make sure that there was no penalty to early payoff so that I had a back door if I was wrong about the fine print.
avatar
milspec6
Moderator
Moderator

Posts : 8933
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: Banks are going under very soon

Post by dp1 on Fri Apr 15, 2016 11:23 am

It's much lower risk to them offering you a better interest, especially with election year, you never know what's going to happen.
What happened with Dave was his loan was purchased by a toxic purchasing company for $ 500 and when he paid $ 1200+, that company made $ 700+ profit.
A few months before housing crisis occured, Merrill Lynch bought billions of toxic loans, the top executive knows exactly what was going to happen including government bailout, I predicted it when my sister and brother in law bought their first home and refinanced it twice VERY easy, got some $$ out of both refinancing process. I didn't know when it was going to happen but I knew it WILL happen. Makes me sick in my stomach a few people made billions and didn't even see jail cell walls.
avatar
dp1
Moderator
Moderator

Posts : 3519
Join date : 2013-09-19
Location : california

Back to top Go down

Re: Banks are going under very soon

Post by Mo on Fri Apr 15, 2016 5:34 pm

Judging by how quickly the homes have risen in the are I wouldn't be surprised it there was another bubble
avatar
Mo
Administrator
Administrator

Posts : 6404
Join date : 2013-09-19
Location : Arizona

http://www.thecleanerslounge.com

Back to top Go down

Re: Banks are going under very soon

Post by ACpower1 on Fri Apr 15, 2016 6:27 pm

oh its a bubble right now for sure... same thing right before obama was elected.

never ending cycle
avatar
ACpower1
Expert & Trusted Member
Expert & Trusted Member

Posts : 2442
Join date : 2013-11-01
Age : 33
Location : Seattle, WA

http://www.hydracleanNW.com

Back to top Go down

Re: Banks are going under very soon

Post by Sponsored content


Sponsored content


Back to top Go down

View previous topic View next topic Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum