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Get Free Money?
By peace | August 27, 2007
This is a SMS which says : Get a FREE $10 Starbucks voucher when you withdraw a minimum of $500 from your OCBC EasiCredit before 31Aug o7! T & C apply.
There are many such SMS nowadays which are sent out by the banks to their customers. Two examples of other such SMS that were sent earlier this year are:
1. Get up to 90% off with OCBC 50 objects of Desire when you charge to your OCBC Credit card!
2. $60 Robinsons voucher for first 38 to spend $1500 from 27/4 to 27/5…
The above message was received yesterday. I do not have personal loans with any of the banks. But I do receive such SMS like personal accident and travel insurance. This SMS is sent to Richard. From these SMS, it just got to show how the banks are encouraging people to use credit lines, another words encouraging people to use loans.
For people who have no sense of money management, seeing the words “FREE” is very tempting to them. The bank are playing with consumers psychology. They know that customers like “FREE” things. When tempted, these people cannot resist it. They start using money which is not theirs, thinking that the bank is very kind to them. They may get to enjoy low interest or even 0% interest for a few months. During these period, these people enjoy spending the money. With the loans that these people had taken, they may go gambling or they may go on a shopping spree, thinking that they could earn more or invest the money and they can repay back the money. However, little do they know that once they lose the money or overspend, they find that they are stuck and they have difficulties in returning the money later on.
Whether you are using secured loans or unsecured loans, loans are still loans. Loans are money that are not yours. This is my concept. Loans are money that belongs to other people and once borrow, you need to return. The price to pay for borrowing is interest. Nothing is free. The longer you get to enjoy, the more you get to pay for what you enjoy — the interest. Before you decide to take a loan, you have to ask yourself, are you able to pay back the capital with interest in time to come. Can you afford to take the risk? There is no free money. There are always terms and conditions that applies.
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