Are the Banks in TROUBLE!! or just damn GREEDY!?

[Martlet]

There's a little background to this change to overdrafts.  The regulator has told the banks they must not charge different rates for arranged and unarranged overdrafts, and drop the fees.  So the banks have reacted by setting a single rate that covers them, unsurprisingly not at the lower arranged end.

Now, if i were being cynical i might say they have gone deliberately high, to create uproar and a revision of the rules.  Note they have announced well in advance without any direct legally binding changes sent to customers yet.  Also note these rates are higher than credit cards, so would drive people to use them more. 

[sixgun]

12 hours ago, Roy said:

'NHS midwife Jennifer Stephenson, 32, and her husband, 35......from Preston, who have three school-age children, both work full time but still fall short by around £200-300 per month and rely on their overdraft to pay for everything from weekly food shops to fuel bills, school shoes and Christmas presents.'

Is this true? A dual income family of 5 can't survive without an overdraft?

They allegedly live in Preston - not i suspect the highest cost of living place in the country. 
They don't say what the husband does - it doesn't say if the woman is working full time - she is a midwife - FT she might be getting £30k.

The problem is many people cannot handle money. Even when i was at my earnings peak i would look for yellow label reduced stickers in Tesco. i had hand me down phones - i would get stuff from auctions - i would do the usual things to save. i would have saved that £200 - £300 per month they are in overdraft and enjoyed doing it - it was like a game. A good friend of mine would spend £100 a week in the pub - i probably under estimate but let's say £100/week. Then he stopped drinking - his kids were not nattering for some pop and money for the machines b/c they weren't in the pub - they didn't eat in the pub. Suddenly his finances turned around. Debts were paid off which freed up more. He started to realise he could live debt free - soon he will be debt free and he is loving it.

When you look at what is taught in schools - i never remember at any stage being taught about saving, bank accounts, mortgages, handling money, - zero about this. Being fast and loose with money can make life very difficult. And yet kids aren't taught about this sort of thing - i expect deliberately.

[sovereignsteve]

30 minutes ago, sixgun said:

And yet kids aren't taught about this sort of thing - i expect deliberately.

Of course it's deliberate. Being canny with money makes you independent. The commies don't want that.

[Xander]

Why are the world banks, governments and major corporations wanting to economically alter the banking systems? (cashless society) They want us to use cell and mobile phones to carry out transaction. The lack of financial protection and oversight if there is a crash. which could  mean we are powerless to stop corporations and governments from controlling our fiances.

In reality we should be acting now to stop this before it gets too far gone, at the end of the day it will be Joe public that suffer, as usual, in silence. 

For example some faceless bank clerk for some reason freezes your account, you have no cash, you are destitute. 

[KDave]

I was thinking about saying something similar about another thread. They want digital/crypto and no cash for reasons of control and profit. People using card spend more per transaction, it is known from study after study. They don't want you to save, they want you to borrow and they want to be able to control people.

A common occurrence with domestic abuse victims is the abusive partner taking thier debit and credit cards. Think about that. Do we really want banks and government to have the same potential power dynamic over our own finances? 

[Murph]

They used to teach arithmetic in schools and you learned basics about interest rates, how much a loan would cost you etc,   Nothing very complex but at least it would help those people who just seem to ignore interest rates completely.  Of course you weren't allowed a calculator but were given log tables.

When did they stop teaching this in schools?  Don't children learn this in maths classes now?

 

[Uksilverstackers]

DEBT is the new slavery.....

The banking system totally relies on debt. As Sovereign says above, its deliberate they dont teach about it. Get em as early as possible for a lifetime of debt.
 

Regarding banks, they are in deep doo doo. From a $0 balance to $200+ BILLION pumped into the Repo market by the US Fed to prop it up since September and no sign of abating yet. They are desperate to hold it together and try to keep it off the general radar. 

[Guest]

I went to a federal credit union myself here in america and never looked back myself (year or two ago).

I think a major economic problem is coming alone. They have just been keeping it alive the last few years or so and more or so recently.

1. roaring 20s / booming 20s - 1920s of america alone.

2. stock market is up 10k in the last 5 years alone.

3. It's been over 10+ years since any type of major economic problems alone. Longest usually is around 10 years, but we are at 11-12 years now.

4. and/or etc

I don't think this can go on forever myself. The only problem is I can't predict to 100% just that something is super off about the last 5 years alone.

[sixgun]

13 hours ago, Murph said:

They used to teach arithmetic in schools and you learned basics about interest rates, how much a loan would cost you etc,   Nothing very complex but at least it would help those people who just seem to ignore interest rates completely.  Of course you weren't allowed a calculator but were given log tables.

When did they stop teaching this in schools?  Don't children learn this in maths classes now?

i never came across teaching even about interest rates - it would have been the 1970's - interest rates were through the roof. However i can imagine some resourceful teacher included loans in the syllabus. Such radical ideas would be banished in preference to lessons on anal sex for 7-year-olds.

So may reasons for home schooling when you can. 

[Guybrush]

On 06/12/2019 at 09:51, Roy said:

P2P is in trouble too.

06/12/2019

This does not surprise me, I used P2P, up to 2018 no issues but in 2018 I noticed a massive increase in defaults.  To be clear I used a platform then lent against property and I only ever invested in loads with an LTV of 60% or less.  I figured that if more defaults was taking place against loans that have a good LTV there really wasnt any reason for the defaults (After all if things was that bad sell the property and clear it off)

Anyway that caused me to start pulling cash out, I now only have maybe £150 left in on loans they are trying to recover.  Pah if they dont, I dont care they can keep it. But if 2019 had any following from 2018 there will be a lot of investors wishing they had pulled.

[silvernewbie]

The big crash is coming, precious metals, crypto, zero debt and real estate are the only things which will keep you safe

 

[AgCoyote]

There's no doubt we are on borrowed time. The world is too indebted in every feasible way and the Keynesian welfare state is unsustainable. What will come after the crash is simultaneously exciting and terrifying.

[Murph]

15 hours ago, sixgun said:

i never came across teaching even about interest rates - it would have been the 1970's - interest rates were through the roof. However i can imagine some resourceful teacher included loans in the syllabus. Such radical ideas would be banished in preference to lessons on anal sex for 7-year-olds.

So may reasons for home schooling when you can. 

Strange, as I say I seem to recall it during the early 80s and very little extra was taught because it was the time of all the teacher strikes. In the middle of that when teachers weren't doing any extracurricular activities, so no parents nights, school reports, sports etc, they decided to change from O levels to standard grades (then decided it was a bad idea and changed back giving some of the pupils only 1 year to do the O level syllabus).

They do seem to include simple and compound interest in maths now if the following site is correct even though they don't seem to give or explain any formula.

https://studymaths.co.uk/topics/simpleAndCompoundInterest.php

[TheGeneral]

8 hours ago, silvernewbie said:

The big crash is coming, precious metals, crypto, zero debt and real estate are the only things which will keep you safe

 

You do have to be a little careful with Schiff as ultimately he is trying to sell you more gold.  

[TheGeneral]

Also be vary suspicious of any YouTube video with a robotic voice. They are generally created by foreign political influencers with an agenda to disrupt. 

[5huggy]

44 minutes ago, TheGeneral said:

Also be vary suspicious of any YouTube video with a robotic voice. They are generally created by foreign political influencers with an agenda to disrupt. 

YEAH you are quite right  - until the "FACTS" prove 

THE WORLD IS IN DEBT - too each other and the "Banksters" just "SKIM" at each revolution/rotation - - - This is the "Rinse and repeat"

 

https://www.usdebtclock.org/world-debt-clock.html

[5huggy]

Another P2P firm tells savers they can’t cash in their loans

Lenders must wait for redemption as ThinCats closes its resale market

 

Peer-to-peer lenders are blocking investors from selling their loans to other customers, leaving savers potentially having to wait for years to get their cash back.

This week, ThinCats became the latest P2P firm to scrap what is known as a secondary market. Typically, P2P platforms allow investors to lend money to people or businesses in return for interest. If a customer wants to get their investment back before those loans are fully repaid, their platform’s secondary market sells the loans to other investors.

However, a slew of high-profile P2P collapses and customer-service problems have left people reluctant to invest in the sector, making it harder to shift loans on.

This month, two P2P lenders have shut their doors to retail investors, citing low consumer confidence.…

From here - - - >> >>  https://www.thetimes.co.uk/article/another-p2p-firm-tells-savers-they-cant-cash-in-their-loans-sc5899dw6#

[Oldun]

 

 

[Oldun]

Stick with it

 and pay attention.

[5huggy]

Cheers @Oldun 👍

He does break down the "COMPLEXITIES" into easily understood everyday language!

Those that get "lost or bored" with the financial worlds gobbledygook linguistics - should find these video's INFORMATIVE!  👍

[KevinG]

Saving money on the bank is not worth it anymore. I will not taky any longer before they charge you money  te keep your savings

[daca]

 

[5huggy]

BRILLIANT!!!!!!!!👍

🤣😥 🤣😥 🤣😥 🤣😥 🤣😥 🤣😥 🤣😥

 

[5huggy]

BY CRIKEY!! 

Its worse than my own take on it!!

 

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[5huggy]