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Banks are going under very soon

+4
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Banks are going under very soon Empty Banks are going under very soon

Post by milspec6 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.
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Post by Davey Cracker 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
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Post by milspec6 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.
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Post by Freemind1 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.

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Post by milspec6 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.
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Post by Peter Breen Thu Apr 14, 2016 2:49 pm

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

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Post by milspec6 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
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Post by Devon07 Thu Apr 14, 2016 3:17 pm

You may have agreed to a new contract that is not as favorable as the original.
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Post by milspec6 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.
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Post by dp1 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.
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Post by Mo 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
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Post by ACpower1 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
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