*Bridging Loans for any purpose. rates From 0.25% PM*
Compound interest is your greatest enemy.
Allegedly, Albert Einstein quote is "Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it."
"You wouldn't want an atomic bomb in the hands of you worst enemy, but that is exactly what compound interest is when it is working against you. When you incur debt, you pay interest to the lender until you repay the loan. If you don't pay more than the monthly interest charge, your bill will continue to increase each month until the debt becomes almost insurmountable. This is rare for standard loans such as a car loan or a mortgage, but it is a real possibility if you only make the minimum payments on credit cards, which often don't cover more than the interest and finance charges. Making minimum payments makes it easy to stretch out your loan almost indefinitely, resulting in total payments that can be hundreds or even thousands more than the original purchase."
So my second action would be to eradicate interest and replace it with a maximum administration fee capped at 2% per year, which is enough to allow the financial institutions to exist and earn a living serving the people instead of milking us to death.
The implementation of this action would be pretty harsh on the finance industry but immeasurably good for the people of the UK.
Everyone would pay off their mortgages and loans in half the time. Business would boom and we would be on an upward cycle.
Please contact me if you agree strongly that we are over taxed and we need a radical overhaul of the Government system which we have found ourselves trapped in.
I literally can no longer survive in this idiocracy, I have a choice give up or fight. I chose to fight if you feel disillusioned, downtrodden, depressed, sick of working for or living on less every year then help me help you.