Zero sum game

[Fatboy123]

Spoke to a friend last week who was rather pleased that September was the first month he hadn't carried a big balance on his credit card. For 15 months he was paying nearly 24%.

In other news.....

the same bank wrote to me to say that they were reducing the interest they were paying me on my Tax free cash ISA from 0.5% to 0.1%

 

[Thekwango]

there ya go then.

 

[Whitewater]

In that situation I may have loaned my friend the money and asked him to pay it back with 10% interest

Savings rates are terrible.

 

[Fatboy123]

Worked out a long time ago that lending or borrowing money from friends is not the way to go!

 

[VincentHanna]

In that situation I may have loaned my friend the money and asked him to pay it back with 10% interest

Nah.

Never lend friends large amounts of money.

 

[randomshenans]

Wait, there is more money in lending than there is saving? Noo, it can't be?

 

[GR63]

In that situation I may have loaned my friend the money and asked him to pay it back with 10% interest

Savings rates are terrible.

Great friend. When my friends need it, I lend them with no interest

 

[Greboth]

Wait, there is more money in lending than there is saving? Noo, it can't be?

The only solution then is to take all of our money out of the banks. Then agree to loan it to them

 

[Fatboy123]

It's interesting that if I lend the bank £10k then they'd pay me £10 interest yet if they loan it to you on a CC they charge you £2,400.

 

[thegreysquirrel]

Premium bonds. So far my account is equivalent to 0.8% interest rate over the past year. Of course this could drop to nothing or rise to an insane amount ... but it's a bit more fun than 0.1% with the banks.

 

[413x]

Nah.

Never lend friends large amounts of money.

This.
A million times this!

 

[Fatboy123]

Premium bonds. So far my account is equivalent to 0.8% interest rate over the past year.

Off the top of my head I think I'm at 1.2% which makes me happy against the 0.1% the bank is paying BUT only if I don't think about inflation!

 

[CrimsonAvenger]

Worked out a long time ago that lending or borrowing money from friends is not the way to go!

This!!!

 

[TonyTurbo78]

Title and discussion is not what I expected.

 

[arknor]

Spoke to a friend last week who was rather pleased that September was the first month he hadn't carried a big balance on his credit card. For 15 months he was paying nearly 24%.

It's crazy how easily some people give away money

 

[GR63]

Title and discussion is not what I expected.

what DID you expect?

 

[Noxia]

Don't forget for those under 40 who don't have a house to make use of the lifetime ISA thing. I think you get like 25% from govt but towards a house, you can't just take it out and bank the 25% to buy a holiday.

 

[GR63]

Don't forget for those under 40 who don't have a house to make use of the lifetime ISA thing. I think you get like 25% from govt but towards a house, you can't just take it out and bank the 25% to buy a holiday.

whats this? Am I missing some "freebie"? Over 40 and house...

 

[Noxia]

whats this? Am I missing some "freebie"? Over 40 and house...

Yeah it launched alongside help to buy which is now closed. I think it was like you put in 4k in a year and govt give you 1k (the max annual contribution). You then use that as deposit for house, or you take it out and lose the 25% which seems fair.
So you aren't eligible and don't need to worry about missing out here

 

[GR63]

Yeah it launched alongside help to buy which is now closed. I think it was like you put in 4k in a year and govt give you 1k (the max annual contribution). You then use that as deposit for house, or you take it out and lose the 25% which seems fair.
So you aren't eligible and don't need to worry about missing out here

Ah, no worries.. my son is in that I think....