Thursday, 3 March 2011

Who's afraid of credit cards?!

Got a long story to tell. I wrote it quite a while ago on my other blog but I've been told that it deserves a wider audience. It's a true story about someone getting into some messy financial problems. So if you ever need a story about what wanton borrowing can do to you, here it is. There are good guys and bad guys in this story. Obviously, I'm the principal good guy. The bad guys are the commercial banks. 

Okay, it is not an exciting tale but heck, if a story about a stammerer can win an Oscar, maybe I can win a Razzie with this one! That is, if anyone bothers to make it into a film!

Therefore hold tight, go and wash up, brush your teeth and settle back on your cushy, comfy sofa. Be prepared to get lulled into sleep as you read Getting Into Financial Debt, a "gory" lesson in six parts:

Part 1 - The Problem
Part 2 - No Solution
Part 3 - The Light
Part 4 - The Briefing
Part 5 - Submission
Part 6 - Conclusion

1 comment:

stephen said...

I think the onus is on the card holder to exercise prudence in his spending habits.
There is always ready credit available from refinancing an asset i.e house at low interest rates all the way to loansharks who are at the extreme end.
The root cause of spiralling debt is not ready credit but poor financial planning and risk analysis.
If his house has still some unlocked value left and not mortgaged to the hilt, i would seriously look into remortgaging and using the sum to cover the high interest bearing debts namely credit card debt.
A secured term loan carries with it a lower interest and can be stretched to the max. if required easing short term burden and is a good hedge against inflationary pressures.