A funny thing happened to me today whilst I was doing my shopping.
Yes, I was offered FREE money by a large US bank - well literally free- at 2.9% for the first 12 months and a new credit card.
Any way, the amount offered to me was $5,000 cash (the equivalent of about $130,000 bahts) and the credit limit offered to me was $25,000.
OMFG!!! :shock: :roll:
What did I do to deserve that?!?
All I needed to get this loan was my driver's licence and my buisness card!!!
Of course, if one had read the fine prints, one would have noticed excessive charges and excessive high interest rates imposed after the qualifying period of12 monthss.
But everything was peachy for the first 12 months and if I was smart enough, I would invest that $5000 in a term deposit and not used the credit card....well, that is what I will do!!!
And at the end of the 12 months, I would be ahead - in fact, about $3000 bahts in front - even after paying interest charges and credit card fees on the loan.
So how could I refuse?!?
No money down, and no risk to me!!!
Any way, I quickly signed up.
Just ashamed they did not offer me more zeros after the five..
But then I wondered how many people signed up that day, did not look beyond 12 months and how many would be trapped post qualifynig periiod... :shock: :roll:
Kinda reminds me of anecdotal stories I heard from friends and family in the States.... :roll: :roll: :roll:
And upon reflection of the whole event, it kinda reaffirm my view of why the US is currently in a deep financial crisis;
1. easy credits offered by banks and financial institutions, and
2. the desire by people to live for "now" and not plan for later.