According to data from Baycorp
See article
http://www.smh.com.au/news/Business...ntinue-to-grows/2005/04/19/1113854180243.html
See article
http://www.smh.com.au/news/Business...ntinue-to-grows/2005/04/19/1113854180243.html
(Personal) Loan applications continue to grow
- Thread starter XBenX
- Start date
Ben,
I just got back 5 minutes ago from Domayne. I ducked out at lunch time to buy an entertainment unit worth $1,500 on personal finance (4 years interest free).
But before you all start saying "bad debt" and "consumerism", rest assured that this is my wee little treat that I've been deferring for over a year now. Thinking in economic terms, I figured I'd be better taking interest free finance than paying cash up front. You know, time value of money/NPV and all that...
I end up paying $500 up front deposit then just $20 a month.
Nice one,
Michael.
I just got back 5 minutes ago from Domayne. I ducked out at lunch time to buy an entertainment unit worth $1,500 on personal finance (4 years interest free).
But before you all start saying "bad debt" and "consumerism", rest assured that this is my wee little treat that I've been deferring for over a year now. Thinking in economic terms, I figured I'd be better taking interest free finance than paying cash up front. You know, time value of money/NPV and all that...
I end up paying $500 up front deposit then just $20 a month.
Nice one,
Michael.
Just make sure that you make every single payment on time. These firms make substantial money on interest free, because if you're late, they can charge a fairly good interest rate.MichaelWhyte said:I just got back 5 minutes ago from Domayne. I ducked out at lunch time to buy an entertainment unit worth $1,500 on personal finance (4 years interest free).
geoffw said:
Thanks Geoff,
As this is the first time I've ever applied for consumer finance I'm open to all help. I figured I'd be able to just stipulate my credit card number and have it automatically hit the bill every month until its cleared. ie. no payment action required on my part on a monthly basis. I'll look in to this a bit more now...
Thanks,
Michael.
Geoff,
I know I'm off topic, but how's the Subway business doing? I haven't seen a post on the topic since you bought the business by selling out of your IPs. I also saw a post that said you were having employee problems at one point...
If I was around Canberra I'd have dropped in for a chat by now
Cheers,
Michael.
I know I'm off topic, but how's the Subway business doing? I haven't seen a post on the topic since you bought the business by selling out of your IPs. I also saw a post that said you were having employee problems at one point...
If I was around Canberra I'd have dropped in for a chat by now
Cheers,
Michael.
I know where you guys are comming from,
my wife hit me up for a new $3000 loung a few weeks ago and said "Look John it is 4 years interest free, I will set it up to be automatically deducted each month and payed off in 3 years". Well she is still waiting for my answer.
LOL
Regards
John
my wife hit me up for a new $3000 loung a few weeks ago and said "Look John it is 4 years interest free, I will set it up to be automatically deducted each month and payed off in 3 years". Well she is still waiting for my answer.
LOL
Regards
John
Agent86,
I have not said yes the lounge yet, as I promised my wife her new car, after the IP currently awaiting to be built, has been completed, and the finance for the next IP has been aquired. The more IP's I aquire the more marshmellow she wants. She should see a new car about July, August this year. There is a but "a sick dog" going to cost thousands, has cost nearly a thousand this week and then costs of scans at least 2, operation all at a specialist centre.
My wife and friends have said for me to make a decision, but I can not look at my dog in the eyes and play god. He is 13yo English Cocker Spaniel with a love for life and he runs around like a puppy, still goes out on stud duties a couple of time a year, I can not make that decision and then there is my other spaniel she will miss him so much.
Heart In My Throat
John
I have not said yes the lounge yet, as I promised my wife her new car, after the IP currently awaiting to be built, has been completed, and the finance for the next IP has been aquired. The more IP's I aquire the more marshmellow she wants. She should see a new car about July, August this year. There is a but "a sick dog" going to cost thousands, has cost nearly a thousand this week and then costs of scans at least 2, operation all at a specialist centre.
My wife and friends have said for me to make a decision, but I can not look at my dog in the eyes and play god. He is 13yo English Cocker Spaniel with a love for life and he runs around like a puppy, still goes out on stud duties a couple of time a year, I can not make that decision and then there is my other spaniel she will miss him so much.
Heart In My Throat
John
Hi John
I understand the hard decision you have to make regarding the pooch. I took my sister and her cat to the vet on Saturday - it was really sick and not getting better (I've been trying to get it to eat for a wk). I had a chat to my sister and asked her to consider what was best for her cat - not her.
The vet was lovely and suggested all of these tests that could be done etc but it would only prolong the inevitable. So with many tears she consented to giving the cat the 'green dream', she was only 6 (the cat that is).
We then went to Bunnings (after dropping the cat home) and I spent $$$ and we bought all the stuff we needed to build a lovely rose garden. Now puss is pushing up roses - 5 diff types and very fragrant.
Sorry to hyjack the thread.
Ecogirl
I understand the hard decision you have to make regarding the pooch. I took my sister and her cat to the vet on Saturday - it was really sick and not getting better (I've been trying to get it to eat for a wk). I had a chat to my sister and asked her to consider what was best for her cat - not her.
The vet was lovely and suggested all of these tests that could be done etc but it would only prolong the inevitable. So with many tears she consented to giving the cat the 'green dream', she was only 6 (the cat that is).
We then went to Bunnings (after dropping the cat home) and I spent $$$ and we bought all the stuff we needed to build a lovely rose garden. Now puss is pushing up roses - 5 diff types and very fragrant.
Sorry to hyjack the thread.
Ecogirl
Dear John,Brizzy Boy said:
I know (all too well) what u r feeling.
We went thru the same, a some time back, many dollars later, and much suffering of the family pet, and us, and still resulting in having it lay to rest.
Now we are placed with a similar situation with an ageing dog.
The hardest thing is the TIMING of that final decision, otherwise it can only give you and the dog more grief.
BOL
Timm
Hey Michael,
If you're paying $20 per month x 48 = $960 and you paid $500 upfront so in total you are paying $1460?
Was that the actual price or might you be stuck still owing $40 at the end of the itnerest free period and have all the terms of the finance kick in (Possibly arrears or interest backdated etc.)?
The only reason I ask you to check is I just read an article about a couple who bought a sofa-bed-couch because a friend was coming from overseas to stay and she realised a few months later that the monthly payment would not clear the total debt before the interest free period was up and the finance agreement backdated interest etc.
Cheers
gniks
If you're paying $20 per month x 48 = $960 and you paid $500 upfront so in total you are paying $1460?
Was that the actual price or might you be stuck still owing $40 at the end of the itnerest free period and have all the terms of the finance kick in (Possibly arrears or interest backdated etc.)?
The only reason I ask you to check is I just read an article about a couple who bought a sofa-bed-couch because a friend was coming from overseas to stay and she realised a few months later that the monthly payment would not clear the total debt before the interest free period was up and the finance agreement backdated interest etc.
Cheers
gniks
gniks said:Hey Michael,
If you're paying $20 per month x 48 = $960 and you paid $500 upfront so in total you are paying $1460?
Was that the actual price or might you be stuck still owing $40 at the end of the itnerest free period and have all the terms of the finance kick in (Possibly arrears or interest backdated etc.)?
The only reason I ask you to check is I just read an article about a couple who bought a sofa-bed-couch because a friend was coming from overseas to stay and she realised a few months later that the monthly payment would not clear the total debt before the interest free period was up and the finance agreement backdated interest etc.
Cheers
gniks
Interesting Gniks
This type of finance is essentially 20% off - if you do a NPV calc as MW suggested (as long as you pay everthing on time)
If it doesnt the interest rates are normally in the 20% range (and backdated)
Thanx guys for all the kind words,
all the people that know me, know that I do not like to spend money "a real tight *ss". The only bills I have besides PPOR and IPs are electricity, rates, phone, rego,insuance etc. OH!!! plus food LOL. But when it comes to my dog, who has a crushed disc and the fragments are puting pressure on his spinal cord, which will eventually be cut resulting in paralysis. He looks fine and I have to keep him caged at the moment for 4 weeks min, he cries now and then if he bumps his shoulders blades wrong way.
Deep down I know that I will have to spend the money at least to try and help, I can not play GOD. But I will not be taking a loan out increasing consumer debt LOL.
Again thax for the kind words
John
all the people that know me, know that I do not like to spend money "a real tight *ss". The only bills I have besides PPOR and IPs are electricity, rates, phone, rego,insuance etc. OH!!! plus food LOL. But when it comes to my dog, who has a crushed disc and the fragments are puting pressure on his spinal cord, which will eventually be cut resulting in paralysis. He looks fine and I have to keep him caged at the moment for 4 weeks min, he cries now and then if he bumps his shoulders blades wrong way.
Deep down I know that I will have to spend the money at least to try and help, I can not play GOD. But I will not be taking a loan out increasing consumer debt LOL.
Again thax for the kind words
John
gniks said:Hey Michael,
If you're paying $20 per month x 48 = $960 and you paid $500 upfront so in total you are paying $1460?
Was that the actual price or might you be stuck still owing $40 at the end of the itnerest free period and have all the terms of the finance kick in (Possibly arrears or interest backdated etc.)?
The only reason I ask you to check is I just read an article about a couple who bought a sofa-bed-couch because a friend was coming from overseas to stay and she realised a few months later that the monthly payment would not clear the total debt before the interest free period was up and the finance agreement backdated interest etc.
Cheers
gniks
gniks,
Thanks for the heads up. I was just rounding a bit to illustrate. The actual total is $1,454.00 which includes $55 delivery (I live in a battle axe block up the side of a 30 degree cliff where the only access is a winding flight of narrow stairs or a mechanical inclinator
sorry boys...)I'll have to check the details to make sure the repayments do actually clear the debt.
Thanks again,
Michael.
Hardly Normal
I have been thinking that those horrible adds on the TV from the large consumer goods stores should come with warnings similar to cigarette packets.
Warning -- Consumer debt can lead to misery.
Or something similar. Fast food chains are allowed to target our kids and consumer stores the consumer with tricky finance deals, should be more regulated I think.
I have been thinking that those horrible adds on the TV from the large consumer goods stores should come with warnings similar to cigarette packets.
Warning -- Consumer debt can lead to misery.
Or something similar. Fast food chains are allowed to target our kids and consumer stores the consumer with tricky finance deals, should be more regulated I think.
Andrew_A said:
I disagree that this is a worthwhile analogy - cigarettes cause misery to everyone - Im not sure the same parallel can be drawn to consumer finance.
Andrew_A said:
Whatever happened to personal responsibility? I disagree that further regulation is the answer - people should be responsible for their actions. Too often these days people try to lay the blame for their financial, physical, or legal demise on others:
Its not his fault - mobile phone charges are so high and the bills just add up....
Its not her fault - credit card companies make it too easy to get finance...
Its not our fault - we didnt realise the default interest rate was 27% if we didnt pay off the sofa...
Every person agreeing to any type of finance arrangement is given a copy of the contract to read before signing - how can they blame anyone else should they not read it or adhere to the conditions involved?
Jamie.
