Author Topic: Boost your budget with a loan!  (Read 2276 times)

Alternatepriorities

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Boost your budget with a loan!
« on: February 12, 2019, 11:04:31 PM »
Convincing 1.4 million people they own the debt that owns them? Claiming borrowing money boosts a budget? I'd expect better from a site that allegedly helps people understand credit if I was less cynical.

JAYSLOL

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Re: Boost your budget with a loan!
« Reply #1 on: February 13, 2019, 10:08:45 PM »
Hahaha.  Yeah, boost your budget by including OTHER peoples money!  Can't believe people fall for that kind of wording all the time.  Reminds me of a commercial i heard on the radio that went something like this... "You work hard for your money, but it seems like at the end of the month you don't even have anything to show for it... come in today and buy a NEW MAZDA and you'll have something to show for all your hard work...".  It went on, but i had to pull over and throw up so i didn't hear the rest.  I also feel sick every time I hear the word "easy" to do with money or financing.  Yeah, it's "easy" for a reason, YOU'RE GETTING HOSED.

Alternatepriorities

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Re: Boost your budget with a loan!
« Reply #2 on: February 14, 2019, 12:42:13 AM »
Hahaha.  Yeah, boost your budget by including OTHER peoples money!  Can't believe people fall for that kind of wording all the time.  Reminds me of a commercial i heard on the radio that went something like this... "You work hard for your money, but it seems like at the end of the month you don't even have anything to show for it... come in today and buy a NEW MAZDA and you'll have something to show for all your hard work...".  It went on, but i had to pull over and throw up so i didn't hear the rest.  I also feel sick every time I hear the word "easy" to do with money or financing.  Yeah, it's "easy" for a reason, YOU'RE GETTING HOSED.
I was staying in a hotel room (with a TV) several years ago and saw a payday loan claiming I "deserved" a vacation for my hard work and I could take one with their loan program! It reminded me why I don't own a TV and annoyed me enough that I turned it off.

Malkynn

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Re: Boost your budget with a loan!
« Reply #3 on: February 14, 2019, 04:50:11 AM »
Hahaha.  Yeah, boost your budget by including OTHER peoples money!  Can't believe people fall for that kind of wording all the time.  Reminds me of a commercial i heard on the radio that went something like this... "You work hard for your money, but it seems like at the end of the month you don't even have anything to show for it... come in today and buy a NEW MAZDA and you'll have something to show for all your hard work...".  It went on, but i had to pull over and throw up so i didn't hear the rest.  I also feel sick every time I hear the word "easy" to do with money or financing.  Yeah, it's "easy" for a reason, YOU'RE GETTING HOSED.
I was staying in a hotel room (with a TV) several years ago and saw a payday loan claiming I "deserved" a vacation for my hard work and I could take one with their loan program! It reminded me why I don't own a TV and annoyed me enough that I turned it off.

I was staying at a cottage near the Vermont border not long ago that got US television, and I was absolutely FASCINATED by the commercials!

Every break had the same combo of commercials:
-Injury Lawyers
-Loans
-Debt Consolidation

-and a new category I've never seen before: companies that will buy your lawsuit structured settlement agreement for a lump sum.
So, you've already sued someone, and you've been awarded a settlement that you will get over time, but you want your cash NOW! So a company will buy your settlement (at a discount obviously) and give you a cheque.

-Oh, and car commercials, of course.

It was so weird. I was entranced.

OtherJen

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Re: Boost your budget with a loan!
« Reply #4 on: February 14, 2019, 04:57:05 AM »
Hahaha.  Yeah, boost your budget by including OTHER peoples money!  Can't believe people fall for that kind of wording all the time.  Reminds me of a commercial i heard on the radio that went something like this... "You work hard for your money, but it seems like at the end of the month you don't even have anything to show for it... come in today and buy a NEW MAZDA and you'll have something to show for all your hard work...".  It went on, but i had to pull over and throw up so i didn't hear the rest.  I also feel sick every time I hear the word "easy" to do with money or financing.  Yeah, it's "easy" for a reason, YOU'RE GETTING HOSED.
I was staying in a hotel room (with a TV) several years ago and saw a payday loan claiming I "deserved" a vacation for my hard work and I could take one with their loan program! It reminded me why I don't own a TV and annoyed me enough that I turned it off.

I was staying at a cottage near the Vermont border not long ago that got US television, and I was absolutely FASCINATED by the commercials!

Every break had the same combo of commercials:
-Injury Lawyers
-Loans
-Debt Consolidation

-and a new category I've never seen before: companies that will buy your lawsuit structured settlement agreement for a lump sum.
So, you've already sued someone, and you've been awarded a settlement that you will get over time, but you want your cash NOW! So a company will buy your settlement (at a discount obviously) and give you a cheque.

-Oh, and car commercials, of course.

It was so weird. I was entranced.

You forgot: pharmaceutical ads. Ask your doctor about this stupidly named drug for a vaguely described condition that your for-profit insurance is NEVER gonna cover. Side effects include every bad  thing imaginable, including zombies. And don't take this drug if you are allergic to this drug.

This is one of many reasons why we don't have cable or watch broadcast TV. I'd never heard of those settlement payout companies!

Just Joe

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Re: Boost your budget with a loan!
« Reply #5 on: February 14, 2019, 07:34:42 AM »
Losing the commercials was the best part of "cutting the cord" (we stream). Its benefited our kids noticeably. Maybe its their generation has a different relationship with TV in general but whatever, DW and I like the results.

JAYSLOL

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Re: Boost your budget with a loan!
« Reply #6 on: February 14, 2019, 10:44:04 AM »
Yeah, I haven't had cable TV in ages, but I know the feeling about those US ads when you're used to Canadian TV

Canadian TV commercials be like

- "This month buy a car with ________ (insert car brand) employee pricing... blah blah blah"
- "Come on down to _________ ( Insert carpet/flooring wholesaler or something like that)..."
-  Insert ad for batteries or something
- "Get a payday loan at ______..."

American TV commercials be like

- "Congress person ________ wants to RAISE YOUR TAXES AND EAT YOUR CHILDREN!!!  On Nov 8th, VOTE NO to the apocalypse!!"
- "Do you currently take _______ (brand name drug) for ________ (some weight/lifestyle related illness), did you know you could you could talk to your doctor about _______ (newer more expensive drug)?...."
- "Vote ______ for local Judge, I'm ______ and I approve this ad"
- "Have you been injured in an accident?  Call ______ today and SUE THOSE MOTHERFUCKERS INTO OBLIVION!!!"

ElleFiji

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Re: Boost your budget with a loan!
« Reply #7 on: February 14, 2019, 11:43:01 AM »
Yeah, I haven't had cable TV in ages, but I know the feeling about those US ads when you're used to Canadian TV

Canadian TV commercials be like

- "This month buy a car with ________ (insert car brand) employee pricing... blah blah blah"
- "Come on down to _________ ( Insert carpet/flooring wholesaler or something like that)..."
-  Insert ad for batteries or something
- "Get a payday loan at ______..."

American TV commercials be like

- "Congress person ________ wants to RAISE YOUR TAXES AND EAT YOUR CHILDREN!!!  On Nov 8th, VOTE NO to the apocalypse!!"
- "Do you currently take _______ (brand name drug) for ________ (some weight/lifestyle related illness), did you know you could you could talk to your doctor about _______ (newer more expensive drug)?...."
- "Vote ______ for local Judge, I'm ______ and I approve this ad"
- "Have you been injured in an accident?  Call ______ today and SUE THOSE MOTHERFUCKERS INTO OBLIVION!!!"
HURT IN A CAR CALL WILLIAM MATAR

And Tonawanda car dealers feature highly in my overseas commercial memories.

AMandM

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Re: Boost your budget with a loan!
« Reply #8 on: February 14, 2019, 06:36:56 PM »
And once you've boosted your budget with a loan, you can pay off your debt with a HELOC!  Magic!

Miss Piggy

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Re: Boost your budget with a loan!
« Reply #9 on: February 14, 2019, 06:44:05 PM »
You forgot: pharmaceutical ads. Ask your doctor about this stupidly named drug for a vaguely described condition ...

Then they give the condition a TLA (three-letter abbreviation) which somehow makes it a fully legit condition and you can now wonder why your doctor hasn't treated you for it already. OAB (over-active bladder) comes to mind immediately, and I know there are others I can't think of right now.

JAYSLOL

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Re: Boost your budget with a loan!
« Reply #10 on: February 14, 2019, 09:36:06 PM »
And once you've boosted your budget with a loan, you can pay off your debt with a HELOC!  Magic!

Magic indeed!  Don't forget to max out your 401k loan for maximum loan ownership!

OtherJen

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Re: Boost your budget with a loan!
« Reply #11 on: February 14, 2019, 09:45:29 PM »
Yeah, I haven't had cable TV in ages, but I know the feeling about those US ads when you're used to Canadian TV

Canadian TV commercials be like

- "This month buy a car with ________ (insert car brand) employee pricing... blah blah blah"
- "Come on down to _________ ( Insert carpet/flooring wholesaler or something like that)..."
-  Insert ad for batteries or something
- "Get a payday loan at ______..."

American TV commercials be like

- "Congress person ________ wants to RAISE YOUR TAXES AND EAT YOUR CHILDREN!!!  On Nov 8th, VOTE NO to the apocalypse!!"
- "Do you currently take _______ (brand name drug) for ________ (some weight/lifestyle related illness), did you know you could you could talk to your doctor about _______ (newer more expensive drug)?...."
- "Vote ______ for local Judge, I'm ______ and I approve this ad"
- "Have you been injured in an accident?  Call ______ today and SUE THOSE MOTHERFUCKERS INTO OBLIVION!!!"
HURT IN A CAR CALL WILLIAM MATAR

And Tonawanda car dealers feature highly in my overseas commercial memories.

Aww, now Im nostalgic for the days of Mel Farr, Superstar is the place to buy your car! (1980s Detroit).

frugalnacho

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Re: Boost your budget with a loan!
« Reply #12 on: February 15, 2019, 07:24:07 AM »
Yeah, I haven't had cable TV in ages, but I know the feeling about those US ads when you're used to Canadian TV

Canadian TV commercials be like

- "This month buy a car with ________ (insert car brand) employee pricing... blah blah blah"
- "Come on down to _________ ( Insert carpet/flooring wholesaler or something like that)..."
-  Insert ad for batteries or something
- "Get a payday loan at ______..."

American TV commercials be like

- "Congress person ________ wants to RAISE YOUR TAXES AND EAT YOUR CHILDREN!!!  On Nov 8th, VOTE NO to the apocalypse!!"
- "Do you currently take _______ (brand name drug) for ________ (some weight/lifestyle related illness), did you know you could you could talk to your doctor about _______ (newer more expensive drug)?...."
- "Vote ______ for local Judge, I'm ______ and I approve this ad"
- "Have you been injured in an accident?  Call ______ today and SUE THOSE MOTHERFUCKERS INTO OBLIVION!!!"
HURT IN A CAR CALL WILLIAM MATAR

And Tonawanda car dealers feature highly in my overseas commercial memories.

Aww, now Im nostalgic for the days of Mel Farr, Superstar is the place to buy your car! (1980s Detroit).

Mel Farr to the rescue!

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Re: Boost your budget with a loan!
« Reply #13 on: February 15, 2019, 09:16:20 AM »
It seems to me that commercials like these are all the financial education some people get.

There are some people to whom "budget" means "money available to spend". Any windfall, raise, or extra cash gets mentally tagged this way, and the result is that a person's consumption increases proportionately with his or her income, unless he or she takes steps to intentionally do otherwise. So unless the awareness and mental discipline has already been built into a person, and unless that person has a game plan for repaying that money, the loan amount will intuitively be added to the "money available to spend" category.

Dogastrophe

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Re: Boost your budget with a loan!
« Reply #14 on: February 15, 2019, 10:55:00 AM »

HURT IN A CAR CALL WILLIAM MATAR


This made me laugh.  I haven't seen the William Matar commercial since I quit cable a few years back.  I do miss Jim "the Hammer" Shapario "I may be an SOB, but I'm your SOB!"

On my way to work I go past two payday loan shops. One of them was shilling loans to help you pay off your Christmas credit card debts (39% interest!)


Alternatepriorities

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Re: Boost your budget with a loan!
« Reply #15 on: February 15, 2019, 05:56:33 PM »
It seems to me that commercials like these are all the financial education some people get.

There are some people to whom "budget" means "money available to spend". Any windfall, raise, or extra cash gets mentally tagged this way, and the result is that a person's consumption increases proportionately with his or her income, unless he or she takes steps to intentionally do otherwise. So unless the awareness and mental discipline has already been built into a person, and unless that person has a game plan for repaying that money, the loan amount will intuitively be added to the "money available to spend" category.

A couple weeks ago I invited most of my local friends over to start a financial discussion group to counter this problem. I was a little surprised when almost everyone came so the group size exceeds my comfort level a bit. I think it will be worth it if it helps some of them move past that budgeting pitfall. Most of my friends seem to be about there and one who wasn't has since used his tax refund to pay off his CC debt! Next week's topic is investing. I'm hoping to start with what stocks and bonds really are and then move into indexing.

Alternatepriorities

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Re: Boost your budget with a loan!
« Reply #16 on: February 15, 2019, 06:10:46 PM »
On my way to work I go past two payday loan shops. One of them was shilling loans to help you pay off your Christmas credit card debts (39% interest!)

39%? What kind of CC had interest higher than that? Or are they convincing people to borrow money at a higher rate because "CC debt is bad"?

A cousin "couldn't" pay her car registration because she "needed" to buy gifts for her kid. Then she told me how unfair it was that she got a ticket for expired tags... I suppose the ticket was probably more that 39% interest would have been...


Alternatepriorities

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Re: Boost your budget with a loan!
« Reply #17 on: February 15, 2019, 06:17:10 PM »
Losing the commercials was the best part of "cutting the cord" (we stream). Its benefited our kids noticeably. Maybe its their generation has a different relationship with TV in general but whatever, DW and I like the results.

I suspect growing up without TV contributed to my "natural" mustachian tendencies. It didn't matter that we didn't have any money to consume "all the things" because I didn't know that was even and option. Now that I have more money I remain blissfully ignorant of so many things that it could spend waste it on.

Just Joe

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Re: Boost your budget with a loan!
« Reply #18 on: February 15, 2019, 09:55:35 PM »
Can't define the why but going into a store and looking at all the things just isn't entertaining like it once was. Don't feel the need to spend money. Don't need the things. Just as happy to stand around outside and admire at the weather and watch the traffic.

Dogastrophe

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Re: Boost your budget with a loan!
« Reply #19 on: February 16, 2019, 05:52:56 AM »
On my way to work I go past two payday loan shops. One of them was shilling loans to help you pay off your Christmas credit card debts (39% interest!)

39%? What kind of CC had interest higher than that? Or are they convincing people to borrow money at a higher rate because "CC debt is bad"?

I think this was their *special* loan rate.  I just looked at their website, here is the fine print for their regular loans:

"Installment loan terms are from 6 months to 60 months and are based on the amount lent. Payments are due on scheduled income deposits.Cash Money offers short term personal loans and is not a credit repair service.Annual Interest Rate 46.93%"

I suspect they are trying to convince (confuse?) people who think they are better off paying all the CC's off with one "easy" loan.

(edit: spelling is hard) 
« Last Edit: February 16, 2019, 02:54:07 PM by Dogastrophe »

Alternatepriorities

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Re: Boost your budget with a loan!
« Reply #20 on: February 16, 2019, 01:12:37 PM »
"Installment loan terms are from 6 months to 60 months and are based on the amount lent. Payments are due on scheduled income deposits.Cash Money offers short term personal loans and is not a credit repair service.Annual Interest Rate 46.93%"

I had to read that more than once to comprehend an APR of 46.93% Then I had to go reread MMM's rant about Mister M$ney to remind myself that some people see the scam for what it is.
http://www.mrmoneymustache.com/2011/05/15/mustache-on-the-move-the-evil-mister-money/