Grab every last point, but don't become a victim...

[ellen10]

When I first started working in a bank it was the dawn of the Bankcard (some of you are too young to have heard of this card). We went through our customers base and sent out many Bankcards, it was a big thing then.

5 years on I was still working in the bank but as a loans officer and did many personal loans for people to pay off their uncontrollable Bankcard debt. Part of the loan agreement was they had to hand over their card and I cut it up in front of them. As a result I am cautious of credit cards and have always paid off my statement each month. When my kids started to travel independently they got a cc for convenience and back up but I have taught them to always pay it off each month.

I know of many young people and old who have a couple of cards "maxed out" and it worries me that they will never pay this off.

Don't get me wrong I love my credit card for convenience and most importantly for the point collecting! Just treat it and use it to your advantage and not the banks.

 

[SeatBackForward]

Its a shame that personal financial management is not something taught at a basic level during high-school years. Considering we all have to use the financial system, and ultimately pay taxes, we should be taught some basics such as managing cashflow, debt, investment options, taxation principles etc.

Perhaps there are vested interests in making sure people don't comprehend the above too much?

 

[Buzzard]

When I first started working in a bank it was the dawn of the Bankcard (some of you are too young to have heard of this card). We went through our customers base and sent out many Bankcards, it was a big thing then.

5 years on I was still working in the bank but as a loans officer and did many personal loans for people to pay off their uncontrollable Bankcard debt. Part of the loan agreement was they had to hand over their card and I cut it up in front of them. As a result I am cautious of credit cards and have always paid off my statement each month. When my kids started to travel independently they got a cc for convenience and back up but I have taught them to always pay it off each month.

I know of many young people and old who have a couple of cards "maxed out" and it worries me that they will never pay this off.

Don't get me wrong I love my credit card for convenience and most importantly for the point collecting! Just treat it and use it to your advantage and not the banks.

1973 IIRC. Westpak was called Bank of NSW. I still have some BNSW stuff at home.
I always think of the slogan (not the official slogan) Don't get the sh**ts, Bank with the Wales

 

[ellen10]

1973 IIRC. Westpak was called Bank of NSW. I still have some BNSW stuff at home.
I always think of the slogan (not the official slogan) Don't get the sh**ts, Bank with the Wales

Yes back then I worked for the Rural Bank, which became the State Bank, which merged with the Commonwealth Bank.

Back then you could not get a housing loan with repayments more than 25% than your monthly income. AND you needed 20-25% deposit or they wouldn't even look at you.
Those were the days!!

 

[casanovawa]

Its a shame that personal financial management is not something taught at a basic level during high-school years. Considering we all have to use the financial system, and ultimately pay taxes, we should be taught some basics such as managing cashflow, debt, investment options, taxation principles etc.

Perhaps there are vested interests in making sure people don't comprehend the above too much?

There are several problems with that, although it looks superficially attractive...

* The kids these days are all ready going to school for longer and longer and seemingly coming out knowing less and less, they are trying to cram everything under the sun into the curriculums such as civics and all this societal gumph, how much more do we want to try and dqueeze in with diminishing returns??
* You would then immediately get a segment of the population jumping up and down about how they don't want there kids indoctrinated with the make money at all costs principle and they will handle teaching their kids about money to their own ethics and principles;
* Who says the teachers, who would have to transfer the knowledge, have much of a clue about managing their own financial affairs?
* There are already schools subjects like economics and accounting etc that if you wanted to get a handle on how money and the economy and the system works you can...

The simple fact is this stuff used to be and more properly should be taught at home, preferably by kids following the good example of their parents and not fobbed off to the school system to try and make up for parents not wanting to carry out their responsibilities... If anything the school system should teach a lot of the foundations but give kids the skills to go and research and find information themselves and to be inquisitive rather than try and teach them everything under the sun within 10 years...

There has never been more knowledge freely or cheaply available in the world, if parents want to give their kids a head start but don't quite know where to begin, or if your a child from a messed up household and you don't want to repeat the mistakes, go down to Dymocks or look at some bookstore online and for $20-30 you can get any number of good books on using debt effectively, planning your finances, how to spend your money wisely etc.... Probably the best investment a young person could ever make...

I don't think schools have reading lists anymore, but if they do or on a principal's own initiative, maybe they could make any one of Noel Whittakers pretty good books (Making Money Made Simple, Controlling Your Credit Cards, etc) mandatory reading for all year 10 or 12 students... Buy 'em in bulk at a discount etc through the school or require parents too (heck maybe the parents can read the book after the kids!!!)... Would probably be more effective and timely than trying to go through all the rubbish of changing curriculums, train teachers etc etc...

 

[Buzzard]

Yes back then I worked for the Rural Bank, which became the State Bank, which merged with the Commonwealth Bank.

Back then you could not get a housing loan with repayments more than 25% than your monthly income. AND you needed 20-25% deposit or they wouldn't even look at you.
Those were the days!!

The Rural Bank does more for you.

 

[burmans]

Yes back then I worked for the Rural Bank, which became the State Bank, which merged with the Commonwealth Bank.

Back then you could not get a housing loan with repayments more than 25% than your monthly income. AND you needed 20-25% deposit or they wouldn't even look at you.
Those were the days!!

Ah, cheap and easy credit, the opiate of the masses.

 

[ellen10]

The Rural Bank does more for you.

The Rural Bank does more for you, personally! That was their slogan!