Posted on 12/20/2013 6:02:15 PM PST by SMGFan
Because as I said before, not all bankers are our friends. Bear in mind also that if a financial isn't loaning money, it's investing its reserves up to the point where it reaches reserve limits set upon them by the Feds. Not all their money comes from high-interest loans and fees. It does snowball, and the big banks do have some explaining to do.
This is now the third time I've told you that it does. Are you denying that there are small banks and credit unions who want to help people? Those are the people I'm suggesting that people patronize.
The profit motive drives most successful businesses. The phrases you are using (”high powered greed”, obscenely high” ) sound like Hillary Clinton - leftist speak. Do you want state control of the financial industry? I am sure our Dear Leader would agree with you on that one.
Well, we left the credit card and lending/loan thing far behind....For us, being in debt to the kings of corruption was a fools game...It's much better to save and pay cash...Or just do without....or Barter etc.
Of course the bankers are really hoping others don't' see it this way, and are able to suck them in.....Debt is nothing but slavery...
LOL!
Are bankers our friend?
it does.
Thank you...
You are not anti-capitalist, just ignorant of what consumer lending is all about. It is about making money through interest and fees. It is also about getting paid back, but not too soon.
The same people who have poor credit are also the banks biggest profit margin. They are the ones that pay late charges of $35 each payment and interest on consumer finance loans, some of which have LEGAL rates as high as 28% per year or more. They are also the same people who go to pawn shops and pay 36% interest on consumer collateral based loans. They gladly go to Rent-A-Center and pay three times over for a TV so they can have it today instead of saving the $10 a week for a few months and buying it outright.
Without the ability to rent this money, regardless of cost, most of these people would have nothing as the concept of delayed gratification is a foreign to them.
Bankers are businessmen. They are there to make a profit. If you believe that they charge too much you do not have to use a bank. You are correct that debt can seem like slavery so the solution is to avoid it.
“It is about making money through interest and fees. It is also about getting paid back, but not too soon.”
—
I heard on a financial show once that people like me,who NEVER pay interest,are known as dead-beats.
.
Jim, you just hit the nail on the head as to why there is such a market for high interest loans.
Well, let’s get to my point then. I’ve agreed with you that not all bankers are our friends. Are you willing to say that there are decent people in financials at local banks and credit unions who don’t mind helping the little guy?
I hope so. Because it’s the truth.
I know all about that Jimmy...My point was the greedy in the credit card, lending and banking industry is extreme...Trusth me they don't sit around marble tables in high rise conference rooms trying toe figure out ways to help those Americans in need of help Jimmy...All their time is dedicated to figuring out how to loot more money our of their pockets.
No?
Exactly. Well said.
You're quite right. If you can pay cash on the hoof, go for it.
I deny it! I don’t have ANY credit cards that charge me more than 9% on a purchase. I have over a dozen credit cards.
I pay off all the cards every month unless I am on vacation or due to special circumstances, I then pay them off in a month or two.
The fact is that I have a proven history of paying back my loans and my credit rates reflect that.
Even the couple times I have missed payments due to negligence, I simply called the lender and they waived my fees, BECAUSE I have a decades long track record and keep my credit use in check. Anyone can do the same thing. They just have to say NO to many things they want NOW and plan to save for them.
I deny it!
And I don't buy it.
The corrupt on Wall St. the well connect and the banks have no absolutely no interest in actually helping people..It's not their biz...It's all about obscene profits Jimmy...While they get bailed out...
This no secret...
What businesses are any different?
They ALL exist to maximize profit. Now I will admit the difference with the banking industry is that they are in bed with the government, which allows them to have the kind of profits they have.
But I guarantee any other business with those same advantages would do the exact same thing.
Different than Wall St., the big banks and lenders?
I know of few locally...Of course they're not in it to economically gang bang Americans by the millions.
Probably because the nature of the marketplace wouldn’t allow it.
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