Beware of ANZ and High Interest Rate Loans!
It is not that long ago that were encouraged to SAVE … save for what we wanted.
That all changed and ANZ bank as one of the big 4 banks is a leader in encouraging debt. But so do CBC, AMEX, NAB, Virgin Credit, Westpac and many others. To understand the banking industry is something few busy people ever do. Even on the ANZ Home loans website they say “Comparing banking products can be confusing and time consuming.”
But isn’t this just great how the ANZ Homeloans page is simply covered in “zeros”, like:
- “$0 monthly account service fee …” and
- “$0 annual credit card account fee …”
Wouldn’t be any ‘trickery’ there would there? Surely not, not the ANZ bank now.
Zero’s are easy to understand … well, they used to be.
So even though we don’t understand banking products well … they ‘consume’ our lives.
Home loans, car loans, personal loans, credit cards and on and on … each with different interest rates, different terms and conditions and policies. Come on, be honest here.
Who actually reads all of the fine print? Does anyone?
You would assume the ANZ and other banks do, or is it only their solicitors who understand them?
One of the JP Morgan family said that if you want to make money and become rich you must make things complex and complicated.
Banks like ANZ have made an art form out of confusion and evidently they are all in bed with each other, as we saw at the height of the recent GFC (no that’s not the Geelong Football Club … it stands for Global Financial Crisis). Do you remember that only one bank was sacrificed … and it came as a shock to the others. They thought they were all safe … safety in numbers I suppose.
About five years ago I had taken out an ANZ loan … it was very easy to apply for, no hoops to go through, or ladders to climb. At the time I was heavily involved in creating a new movement called Your Healthy Planet.com, all about us working together for the benefit of everyone.
Is that the same philosophy of the banks … like ANZ? Don’t think so!
Banks play “win as much as we can … and screw you.”