As I was driving along with a passenger in the taxi a brand new car drove past and I said wow!
The guy beside me opened up his laptop and an a few minutes he had the cars details. "Its leased from a certain date and he is paying X per month, and that is a lot of money.
Going back to when I was 20 I bought a new car and borrowed £700 over 3 years at 4%. my dad asked to see the loan details and he asked me if I had ever paid attention when I went to school ?
What the BANK did was to take the £700 and add 3 years interest and divide it by 36. So what I said.
When you got the money you have not accumulated 3 years interest.
When you make a payment you do not owe £700.
Do you see it now?
I went back to the bank and the manager came out and he really thought he could talk me down. Until I said that I would take it up with the media. So I then got my first term loan.
Did you notice all the new cars around? I asked Mr.Google and he says that over 90% of new cars are bought on finance.
Chuck Feeney told me to burn my credit cards and use debit cards instead. Now you cannot spend money you don't have.
I once helped a girl move apartment and I noticed a credit card statement with a e2,000 balance on it unpaid. I brought it up as we moved out and she said its only 3%.. No No its 3% per month. She checked later and she told me that she had been blinded by the figures.She worked in a bank.
If your parents are alive check up on their finances, Spry finance give loans to the elderly and they will then have rights to your parents estate. So check up on them.
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