Moneyline, CashPlus, Ready Credit, Creditable, Etc : Line Of Credit=more debts??

[lifeafter41]

Was at the bank this morning to do some transaction noticed quite a number of people, queuing to make payment for their Line of Credit. The interest chargeable is pretty high, as I have received calls from these banks to apply and make use of these Line of Credit.

Moneyline, Cashplus, RC, etc, are just some of the more fanciful names. End of the day, interest is being charged and a person is paying through their nose.

While I understand the amount is normally 4X a person's salary, what ever happened to saving for a rainy day, or in this age, instant gratification is all that counts.

 

[congo9]

Saving for rainy days are bad.

Spend and spend and load yourself with more debt is good for the country and economy.

 

[DollarsNoSense]

Money is a game, play along… my china biz frens always say the poor put money in banks to save, the rich will think of ways to plunder the banks

 

[laksaboy]

If everyone were as debt-free as me, those moneylenders would have committed suicide long ago.

 

[Leongsam]

Money is a game, play along… my china biz frens always say the poor put money in banks to save, the rich will think of ways to plunder the banks

If you're in debt in order to grow a business, it's an astute strategy.

However, if you have ended up living on credit because you want to show off, then you're burying yourself in a deep hole.

 

[AhMeng]

Fuck PAP :oIo: