BANKERS and their Agents are NOT your friend!! BEWARE OF THE MONEY BOX ENTRAPMENT PLAN.
Banks do attack kids when they reach 18. I told Major Bank to back off on a $500 debt 30 years ago. My daughter had been given a credit card and had debt within two months. I wrote to CEO, quoting law and responsibility. I asked how he would feel if I did similar to his 18 year old sons and placed them in harms way. It worked, Debt squashed immediately. Parents must fight back on every instance because banks will "TRY IT ON." It is predatory activity.
Banks gather the names and private details of school children with school induced bank accounts to teach saving. Beware of the Money Box plan. Yes it appears an innocent good saving plan to help your child. Next the child proudly takes the money box to the bank to be "opened" and child encouraged to sign up for a bank account with parents. That is the "Gotcha Moment." Bankers now have that person's ID and intend to use it later on to make themselves rich.
The moment the child turns 18, these predatory bankers pounce with a free credit card and teach you to spend spend spend. These offers are made by stores when that young teenager is out shopping. Banks do not advise to save for a Deposit for a home. When Mortgage is thought of by a couple, banks do not want you both to pay a deposit.
Bankers want to sell you a 30 year LOAN with maximised debt. They sell you a secret Interest Only Loan. This mortgage is a hidden IO loan but people not told its a disgraceful 30 year IO mortgage. The word IO is never mentioned, only the words "normal mortgage." Its an illegal entrapment plan.
People told these mortgages are Low Docs. Low Doc is written on the LAF, but there is INTENTIONALLY no mention of IO.
These toxic loans are a DEBT FOR LIFE Plan disguised as an initial saving strategy. Its is a black lending concept. Banks are not your friends.
Denise L Brailey denise@bfcsa.com.au