Cutting off interest rates
Just today, I passed by HSBC, and it had two ads, screaming that it was cutting off interest rates…hoping that they will get more loans. Sigh…with job cuts and Outer Banks foreclosures out there, I know that many people aren’t looking into buying more property. If anything, they’re more willing to renovate their current homes.
Which, to me, also defeats the purpose, because it means spending more money! I don’t know when is the culture of savings and wisely investing in good blue chip stocks will sink in. I realise people here really love to spend their dosh, when it’s payday. So much so, that the supermarkets targets these people by advertising their sales for every Thursday. Why? Because, people get paid on Wednesdays! This is a sure way of getting people to spend their dosh, instead of keeping it aside!
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