Write to your bank

[chops_a_must]

But, unlike some, I am not ignorant and self-righteous enough to judge others who find themselves in debt.

Yet not ignorant enough to realise there is a worldwide credit crunch on with lenders' rates influenced by overseas circumstances?

 

[BradK]

Sorry, but to those with this sort of nonchalant attitude towards mortgages ... well, these sorts deserve all the pain they get when rates rise (and hopefully they will )

Bring back Pauline Hanson??

You redneck.

 

[BradK]

Yet not ignorant enough to realise there is a worldwide credit crunch on with lenders' rates influenced by overseas circumstances?

But ignorant enough not to know that in the MIDST of this world wide credit crunch banks were STILL recording record profits. Dead head.

 

[chops_a_must]

Chops - you are a bit of a wanker... you just dont get it. I did my holiday out of SAVINGS.

Then pay it off and stop complaining.

And then you can have even more savings.

 

[chops_a_must]

But ignorant enough not to know that in the MIDST of this world wide credit crunch banks were STILL recording record profits. Dead head.

Like HBOS, WAMU, ANZ, NAB and SUN you mean?

 

[BradK]

Like HBOS, WAMU, ANZ, NAB and SUN you mean?

Again, you missed the whole point of the thread completely.

 

[2BAD4U]

I love debt. Got three houses, redraw facility (at max) and credit card. Meanwhile I have no savings and spend all my cash on holidays, PS3's, bikes, TV's, etc. Are interest rates hurting me? Yes. Do I complain? No. It was my choice and how I choose to achieve that balance between investing and lifestyle. Sure I could be better off if I didn't spend but then I wouldn't be having any fun.

No one should ever have any need to complain about interest rates. There is always enough information available for people to make informed decisions and plan for the future. I can never understand how people get to the point that a 0.25% increase tips them over the edge. Perhaps it was the other 8, 9 or 10 before that they failed to act upon that caused the problem.

 

[BradK]

Sorry, but to those with this sort of nonchalant attitude towards mortgages ... well, these sorts deserve all the pain they get when rates rise (and hopefully they will )

Inflation and low interest rates make REAL debt more servicable... while inflatoin wipes out your savings ... ********.

Brad

 

[nunthewiser]

I love debt. Got three houses, redraw facility (at max) and credit card. Meanwhile I have no savings and spend all my cash on holidays, PS3's, bikes, TV's, etc. Are interest rates hurting me? Yes. Do I complain? No. It was my choice and how I choose to achieve that balance between investing and lifestyle. Sure I could be better off if I didn't spend but then I wouldn't be having any fun.

No one should ever have any need to complain about interest rates. There is always enough information available for people to make informed decisions and plan for the future. I can never understand how people get to the point that a 0.25% increase tips them over the edge. Perhaps it was the other 8, 9 or 10 before that they failed to act upon that caused the problem.

LOL its always that last bourbon that gives the hangover they say

 

[chops_a_must]

Again, you missed the whole point of the thread completely.

What? That we should do exactly what you say?

That businesses shouldn't take steps to stop themselves and shareholders losing everything?

 

[jet328]

But ignorant enough not to know that in the MIDST of this world wide credit crunch banks were STILL recording record profits. Dead head.

Why is this such a bad thing?
Ask an American if they'd prefer for their banks to be making profits.
Give me profitable banks any day. Bank profits mean that your deposits are safe & allows the bank to continue lending.

Stop being fooled by all this 'record profit' nonsense. Look at how fast the money supply is increasing. If you're not growing in nominal terms you are going backwards

 

[chops_a_must]

Inflation and low interest rates make REAL debt more servicable... while inflatoin wipes out your savings ... ********.

Brad

Yep. That's why you wont be able to get bonds pegged to the inflation rate.

 

[BradK]

What? That we should do exactly what you say?

That businesses shouldn't take steps to stop themselves and shareholders losing everything?

Dont care if its a bank Really dont. If the shoe was on the other foot....

 

[chops_a_must]

Dont care if its a bank Really dont. If the shoe was on the other foot....

Yeah, you shouldn't care hey.

It's not like if your bank goes bust or anything, that they'll take over your house.

 

[BradK]

Mortgage is SO LOW I could access funds from an investment to pay it off.

Again, this is not a personal gripe because interest rates hurt me. Just the principle of the thing. Just making the point that I liked this $4 billion injection into non-banks because banks have spent the whole year trying to squeeze out non-bank lenders. Yes yes yes, I understand the mechanics of the crunch... but that was not ALL it was. Banks saw an opportunity - and I simply wrote to them and told them that I was going to cancel my credit card, insurance, trading account, mortgage and savings account.

Banks dont like me anyway! - I have never paid a cent in interest on a credit card, and my mortgage was paid down quickly to a space that I no longer feel the need to rush.

Im going out in solidarity with my fellow Aussies who were suckered into huge debt because they thought they would never get on the property ladder. Better with the underdog than the big man.

 

[Glen48]

.25 % works out to 68 Cents per day per 100 K mortgage the Agents tell me inquires are picking up.
From what I can work out if USSA is in so much debt they will have to put up rates to attract money and suck it in from other countries.
What we need to look at is Global warming and if it had an effect on Home buyers unless some one can tell me why every one else in the World thought House prices would keep rising and never come down even if nothing else has done the same in the history of the World.

 

[2BAD4U]

...I simply wrote to them and told them that I was going to cancel my credit card, insurance, trading account, mortgage and savings account.

There is another option, buy shares in the bank and get some of your interest back in the form of dividends.
Although, this would create the problem of do you rejoice in high profits and divends or give them up for lower interest rates

 

[Nyden]

Wow, I never resorted into any sort of personal attack on you - let alone name calling? You've called me ********, redneck - and probably a couple of other things!

I did of course mean that hopefully rates will rise; not that people will hopefully feel pain!

What are you talking about with regards to inflation? I never stated that I said I hoped for inflation, I implied that we have inflation; and that rates should remain high because of this. To slow things down, and to allow for savings to not be eaten away.

Why do you seem to be angry towards those that save? What the heck is with attitudes these days? Saving, and being responsible is wrong?


Yes, I'm the redneck ******** because I wasn't suckered into huge amounts of debt ... won't even really respond to that You seem to be portraying yourself as quite the redneck though, pal.


Lastly; I have zero issue with folks if they want loads of debt - I don't even have issues with those foolish enough to take on more than they can afford. However - these people have zero right to complain when things turn sour. That's all I ever see lately though - people complaining about high rates; and they honestly have no right.


... I'm just having trouble grasping this whole thing Brad; you're cancelling savings accounts (what's the point in that? You just lose interest), sending off angry letters? Surely you could devote your energy to something more constructive; as it certainly comes off as if you are someone hurting from this.

 

[BradK]

Wow, I never resorted into any sort of personal attack on you - let alone name calling? You've called me ********, redneck - and probably a couple of other things!

I did of course mean that hopefully rates will rise; not that people will hopefully feel pain!

What are you talking about with regards to inflation? I never stated that I said I hoped for inflation, I implied that we have inflation; and that rates should remain high because of this. To slow things down, and to allow for savings to not be eaten away.

Why do you seem to be angry towards those that save? What the heck is with attitudes these days? Saving, and being responsible is wrong?


Yes, I'm the redneck ******** because I wasn't suckered into huge amounts of debt ... won't even really respond to that You seem to be portraying yourself as quite the redneck though, pal.


Lastly; I have zero issue with folks if they want loads of debt - I don't even have issues with those foolish enough to take on more than they can afford. However - these people have zero right to complain when things turn sour. That's all I ever see lately though - people complaining about high rates; and they honestly have no right.


... I'm just having trouble grasping this whole thing Brad; you're cancelling savings accounts (what's the point in that? You just lose interest), sending off angry letters? Surely you could devote your energy to something more constructive; as it certainly comes off as if you are someone hurting from this.

Many apologies... I read your sentence wrongly and went mental.

I thought you meant that you hope that people will feel the pain of an interest rate rise. You meant, on rereading it, that you hoped interest rates rise.

GOOD. No problem with that at all. Some want them down - others want them up. My point is NOT WITH INTEREST RATE DIRECTIONS. But with banks not following the RBA and squeezing non-banks.

My sincerest apologies.

 

[Nyden]

Many apologies... I read your sentence wrongly and went mental.

I thought you meant that you hope that people will feel the pain of an interest rate rise. You meant, on rereading it, that you hoped interest rates rise.

GOOD. No problem with that at all. Some want them down - others want them up. My point is NOT WITH INTEREST RATE DIRECTIONS. But with banks not following the RBA and squeezing non-banks.

My sincerest apologies.

I do of course accept your apologies, and I too apologize if there was any confusion as to what my comments referred.

I am a harsh man, but I am not so harsh that I would wish pain on others! Haven't quite become that bitter yet :