The next 6 - 24 months - are you bullish, bearish, or sitting on the fence...

[donna]

Thanks for letting us know Propoholic.

The thing is - most families are stretched and with the Budget more than likely announcing the rise of GST - the Banks are timing their marketing perfectly. An extra $6K would be nicely welcomed by many....and those who accept are the ones who are more than likely up to their eyeballs in debt already.

Cheers,

Donna

[ozharp]

Ive just received a letter from ASB:- "We have recently reviewed your ASB Visa card account and would like to offer you the option to increase your credit limit from $14,000 to $20,000".......and then it says "If you'd like an extra $6000, sign below and its yours".

I imagine there's 50,000 others who have been sent the same letter.

As soon as I receive one of these letters it gets ripped up immediately!

[William_sharp]

Hi,

is this scam? why would they increase extra amount?

[eri]

banks, like landlords

want to have perpetual revenue streams

a landlord, put his money down, buys a house and gets a perpetual revenue stream from the tenant

a bank, offers it's depositors money to it's borrowers, and gets a perpetual revenue stream from the interest payments

land lords try to up the rent to get more money

banks try to increase the interest rate charged and also the amount borrowed to get more money

[One]

They increase your limit so that you can get more in debt and pay them more interest. No free money in it for you!

ANZ used to send out "we're increasing your limit; let us know if you don't want us to" letters. Very annoying.

[speights boy]

No free money in it for you!

It is if you pay the full amount owed each month.

SB