Ireland one of Most In Debt Countries

Re: Ireland one of Most Indebted Countries

Thanks, TirOileain.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->You should see what I can do with a little HTML (Brendan?)<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->But I for one am focused on costs and debt burdens in Ireland, not simple sniping.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Let's get some ideas in here. And this certainly does not help (the headline is reproduced 'as-is' from the Indo) -<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->
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<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Stay stop of the class when accessing banking services<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->IF we are to believe the banks, students are a savvy bunch who see through gimmicks, know their APRs from their elbows, and shop around for current accounts. This would seem to set them apart from the Irish public at large.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->However, the Irish Financial Services Regulatory Authority (IFSRA) and the Union of Students of Ireland (USI) see things differently, both preaching caution to first year students in the process of setting up accounts or accessing financial products aimed specifically at them.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->IFSRA has just published its top money tips for students, to be given out with fresher packs, while USI continues to see student debt as an area of concern. Despite protestations from the banking industry that the reverse is true, the gimmicks are still out there.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Student banking is regarded as unprofitable for banks in the short term, but a shrewd investment in the long term; get customers early and they may stay with you for life (like opiates), moving on from student and travel loans to mortgages and car loans.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->The sector is still dominated by AIB and Bank of Ireland, with BoI reporting a 43pc market share, and both banks running on-campus branches around the country.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Of the five major banks, Permanent TSB is the only one not to offer any kind of student package, stating that, as a young bank, it has not yet focussed on the sector. The most it offers third level students is free banking within its loyalty current account.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Among the other major players - BoI, AIB, Ulster Bank and NIB - there are a range of products to sift through, some of them short term gimmicky give-aways like free flights and €50 mobile phone call credit (Bank of Ireland and AIB respectively); others are far more serious offers of interest-free overdrafts (Ulster Bank, NIB, BoI), credit cards (all four banks) and highly tempting interest-free loans (BoI).<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->The critics say such products introduce students to a life of credit and debt which already has a stranglehold on many Irish adults.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->The first thing to note is that many student products and accounts are only open to over-18s, and therefore of little use to 17-year-old freshers. However, 18-year-olds can now take on all the trappings of adult financial life, with overdrafts, credit cards and personal loans.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Managed wisely, such products can help you through college. Mis-manage them, and you could give yourself an extra headache on top of studying for exams next spring.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Some of the most striking products on offer are Bank of Ireland's travel loans and grant advance overdraft, both interest-free if paid off within nine months. The bank also offers a tax-back loan, interest free if paid off within six months.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Basically, if a student is guaranteed a grant but has to wait three months to get it, or has worked overseas during the previous summer and is due a tax rebate, Bank of Ireland will loan them the money until payment comes through.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Pay the loan back within the interest-free period and it costs you absolutely nothing. Exceed the interest-free period and the remaining amount will be restructured into a term loan, at a typical APR of 12.2pc on the grant advance overdraft, and 8.8pc on a typical €2000 travel loan.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->The danger here is that if you're not sensible about things, you could end up with an unnecessary debt. With such offers, financial institutions bank on a percentage of customers not being able to pay back the amount within the interest-free period.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->However, a Bank of Ireland spokesman denies that students are being lured into debt.(Serpents! Ed.)<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->"Students are the most responsible people to lend to; they may want overdrafts and loans but for emergency situations rather than to dip into for luxuries. They don't want to pay interest. Our research shows that 85pc of students clear their credit card bill each month, compared to 50pc of the general population.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->"We're very upfront with students about what they'll be paying if they miss an interest-free deadline, but rather than banking on them not being able to pay back on time, we encourage loans to be paid off.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->"You're generally talking about small amounts - €500 or €600 - and while you'll always get the odd few who take advantage, for the most part we don't have problems.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->"Nowadays, many twelve and 13-year-olds are opening accounts. They want their own ATM cards and have part-time jobs and their own money, so by the time they get to college, they're savvy, they know the difference between banks and current accounts, and they know they should shop around."<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Bank of Ireland is also offering free day-to-day transactions, discount cards for Golden Discs and Elverys, 50pc of the cost of the student travel card for first-year students, and free flights to selected European destinations if you make 30 transactions between October and January.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->A student who has had an account for six months and has at least €127 going through the account each month can apply for a credit card with a limit of €400.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Ulster Bank, which heavily markets its U First 'lifestyle' accounts to adult customers, has gone the other way with students, claiming to avoid 'gimmicks and trinkets' such as discount cards and free flights.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->It offers an interest-free, fee-free overdraft of up to €650, more than twice the buffer it offers U First current account holders. Students can also apply for overdrafts of up to €1750 in year one and €2800 in year five.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Its typical APR on student loans is 8.1pc, lower than Bank of Ireland. Its student credit card features 0pc interest for the first nine months, reverting to 17.9pc thereafter.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->A spokeswoman for Ulster Bank says they were astonished at students' banking knowledge during research carried out earlier this year. However, in its student package brochure, it gives a strong warning about debt.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->At AIB, there are a couple of gimmicks, namely €50 call credit for students who make ten transactions on their account by November, backpacker and single trip travel insurance and SMS top-ups.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->The bank lists interest on credit balances but admits that at 0.025pc, this is negligible. On €5,000, the interest would amount to €1.25, so don't all rush out today to open an account.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Its student mastercard offers an introductory rate of 9.9pc for the first twelve months, and it also offers free transactions, no commission on foreign exchange and overdrafts.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->A typical APR on an AIB student overdraft is 9.5pc, discounted from 11pc, and student loans are discounted from 9.7pc to 8.2pc.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->NIB's student package offers to 'share the load', with interest free, fee-free overdrafts of up to €2500, no charges on direct debits and standing orders, no transaction charges on accounts that are in credit and a credit card facility of up to €500. It does not, however, offer discounted student loans.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->If you are setting up your first account, check out IFSRA's money tips for students, which include shopping around for the account that suits you best, knowing what fees and charges apply to accounts, asking for clear explanations from your bank, establishing good banking habits early on, comparing interest rates for the cheapest loans, paying off your credit card every month, keeping your card limit low, borrowing within your means and staying within your overdraft limit to avoid often hefty charges.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Catherine Murphy<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->As adults (mostly), we need to be shopping our custom too. Show the big four that luring the innocents into debt will not be tolerated. Move your accounts to France, Spain, Germany, or any euro-currency nation (I like the e-banking facilities in )!
 
Re: Ireland one of Most Indebted Countries

Sorry about this news Ryanairial, but I do not do the Sport section (all those green and white stripey bits do my head in).
 
....

I'm sorry. I may not like ohno's style a lot but he's right. This is pure drivel from MH. He talks about mental masturbation. Well, the only w*nking I can see here is from MH. My 15yr old writes essays like this. Anyone can trawl through the papers every day looking for bile that serves to prove a warped point. I see very little substance in any of this and very litle to tie each rant together either. As for the lovely colours TirOilean...that's an attention seeker. Nothing more than egotistical ranting. If you have a point to make MH then make it, in your own words and quit the obnoxious pontification and obscure references. As has been pointed out, anyone can use Google to impress if they want to. I'm going to read something of interest now in the financial section.
 
Re: ....

Ditto. But — since you've both obviously lotsa time to spend trolling and counter-trolling each other — how come you don't register? You could then hate-pm each other to your hearts' content, without tricking AAM users into thinking there was some useful contribution to this thread, each time we log in and see it at the top of the "new posts" list...
:p
 
Re: Ireland one of Most Indebted Countries

Ooooooo! Personal attacks and vitriol against the Irish press. Jeremy (Clarkson?), are you a reader of the fish-wrapper, oops sorry, 'paper of record'? Here's hoping you find something to arouse your interest whilst ogling it in the loo.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->N.B. to the good Doctor: two suggestions have been put forward by this poster. And substantiating facts, regardless of the publication they appear in.
 
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