Comments on: Dining out on debt, courtesy of our banks. http://www.ideate.co.za/2006/12/20/dining-out-on-debt-courtesy-of-our-banks/ Business resources, tips, success stories, interviews and business ideas Sat, 11 Feb 2012 12:27:40 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Spectra casino codes http://www.ideate.co.za/2006/12/20/dining-out-on-debt-courtesy-of-our-banks/comment-page-1/#comment-29089 Spectra casino codes Wed, 25 Jul 2007 00:23:30 +0000 http://www.ideate.co.za/archives/273#comment-29089 <strong>Spectra casino codes</strong> Spectra casino codes Spectra casino codes

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]]> By: Fred http://www.ideate.co.za/2006/12/20/dining-out-on-debt-courtesy-of-our-banks/comment-page-1/#comment-7917 Fred Fri, 22 Dec 2006 08:53:57 +0000 http://www.ideate.co.za/archives/273#comment-7917 Funny enough, since writing this article, I'[ve become acutely aware of how the banks have started going into overdrive targeting the poor in South Africa. Yesterday I went to Cavendish Square in Cape Town, where half of Cape Town's shoppers are going to shop, and there was a makeshift table on the pavement on one of the back-roads leading away from the centre. Nedbank had (unbelievably) put up a sign saying something like: 'Make those dreams come true. Take out an overdraft right now!' There was a queue of people signing up. Believe me when I say that the people who were waiting for their overdraft did not look like people who could afford to be in debt. The sad truth is that debt pays the banks well. It is a shortsighted reality. If they really wanted to be profitable over the long term, they should be putting up tables on the street handing out brochures entitled: 'Get out of debt. Here's how!' Getting people in the clear should be a priority. Funny enough, since writing this article, I’[ve become acutely aware of how the banks have started going into overdrive targeting the poor in South Africa. Yesterday I went to Cavendish Square in Cape Town, where half of Cape Town’s shoppers are going to shop, and there was a makeshift table on the pavement on one of the back-roads leading away from the centre. Nedbank had (unbelievably) put up a sign saying something like: ‘Make those dreams come true. Take out an overdraft right now!’

There was a queue of people signing up. Believe me when I say that the people who were waiting for their overdraft did not look like people who could afford to be in debt.

The sad truth is that debt pays the banks well. It is a shortsighted reality. If they really wanted to be profitable over the long term, they should be putting up tables on the street handing out brochures entitled: ‘Get out of debt. Here’s how!’

Getting people in the clear should be a priority.

]]> By: Karin http://www.ideate.co.za/2006/12/20/dining-out-on-debt-courtesy-of-our-banks/comment-page-1/#comment-7810 Karin Wed, 20 Dec 2006 14:06:54 +0000 http://www.ideate.co.za/archives/273#comment-7810 "Stay away from debt. Asseblief." Dankjewel I know banks and other financial institutes are making it very easy for most people to get into debt, but... what about own responsibility? Or is that still down to not enough financial education in schools, universities, parents etc? I was brought up with the 'usual' piggy-bank all my schoolmates had and was made to put half of my pocket money into it to save for all the extra toys (books in my case) I wanted. And, yes as a small, starting and growing business we have debt also (as little as possilbe and paid back as soon as possible) and it is kept under close guard and scrutinity by our financial cornerstone (me). “Stay away from debt. Asseblief.”
Dankjewel
I know banks and other financial institutes are making it very easy for most people to get into debt, but…
what about own responsibility? Or is that still down to not enough financial education in schools, universities, parents etc?

I was brought up with the ‘usual’ piggy-bank all my schoolmates had and was made to put half of my pocket money into it to save for all the extra toys (books in my case) I wanted.

And, yes as a small, starting and growing business we have debt also (as little as possilbe and paid back as soon as possible) and it is kept under close guard and scrutinity by our financial cornerstone (me).

]]> By: Andrew http://www.ideate.co.za/2006/12/20/dining-out-on-debt-courtesy-of-our-banks/comment-page-1/#comment-7808 Andrew Wed, 20 Dec 2006 14:05:24 +0000 http://www.ideate.co.za/archives/273#comment-7808 I'm not an economist, but my undestanding from listening to the radio is that Governer Mboweni keeps upping the interest rates because inflation is rising. The desired outcome is that debt becomes too "painful", we spend less on credit, and interest is kept in check. However, as Fred rightly says, the poorest don't understand debt and interest anyway, so they will probably just get more hurt. The only debt I have is against my house, which I am now paying an extra few hundred rand a month on. I feel like one of those innocent bystanders that gets shot during a crime. I’m not an economist, but my undestanding from listening to the radio is that Governer Mboweni keeps upping the interest rates because inflation is rising. The desired outcome is that debt becomes too “painful”, we spend less on credit, and interest is kept in check.

However, as Fred rightly says, the poorest don’t understand debt and interest anyway, so they will probably just get more hurt. The only debt I have is against my house, which I am now paying an extra few hundred rand a month on. I feel like one of those innocent bystanders that gets shot during a crime.

]]> By: Henre http://www.ideate.co.za/2006/12/20/dining-out-on-debt-courtesy-of-our-banks/comment-page-1/#comment-7807 Henre Wed, 20 Dec 2006 12:47:57 +0000 http://www.ideate.co.za/archives/273#comment-7807 It's bad enough that we have have catchy phrases and half truth promises from product vendors in general. But society is a sad case when the Financial Institutions start sending random credit cards for every Tom Dick and Harry. What saddens me is that these are the guys that help you make the right financial decisions and then resort to these tactics to catch the next guy. It's all about making money I guess, but please then stop the bullsh*t of "Today, Tomorrow, Together". I think it's time consumers start treating banks in the same manner as we do those telemarketers who obtain our cell phone number from Vodacom (yeah, thanks for that too by the way) and invade our time with useless sales pitches. Because frankly, ABSA and co, that is what you've become. You've lost my trust as a financial institute I can rely on for sound financial advice, because you have to question motives when this sort of thing happens. It’s bad enough that we have have catchy phrases and half truth promises from product vendors in general. But society is a sad case when the Financial Institutions start sending random credit cards for every Tom Dick and Harry. What saddens me is that these are the guys that help you make the right financial decisions and then resort to these tactics to catch the next guy.

It’s all about making money I guess, but please then stop the bullsh*t of “Today, Tomorrow, Together”.

I think it’s time consumers start treating banks in the same manner as we do those telemarketers who obtain our cell phone number from Vodacom (yeah, thanks for that too by the way) and invade our time with useless sales pitches. Because frankly, ABSA and co, that is what you’ve become. You’ve lost my trust as a financial institute I can rely on for sound financial advice, because you have to question motives when this sort of thing happens.

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