What Happened to "Responsible Lending"?

[BarTopDancer]

I just received an email with the subject line: Go on vacation with a CitiFinancial Loan.

Summer vacations are great for seeing more of the world or just seeing more of your family. A personal loan from CitiFinancial will help you pay for your time off without departing from your budget. Their simple, one-page online application makes getting a personal loan fast and easy. Whatever your destination, count on CitiFinancial to get the money you need, when you need it. Apply now and you could pick up your check at one of nearly 2,100 local neighborhood branches tomorrow!

• Quick, risk-free application.
• No charges if you return the money within 14 days.
• Payments tailored to fit your budget.
• Nearly 2,100 neighborhood offices to serve you.
• Less than perfect credit? No problem.

:rolleyes:

[Alex]

Are you sure it was actually from Citi? They may be advertising like that but it also reads like a phishing attempt.

[BarTopDancer]

Ya, completely sure it's from Citi.

What's your email? I'll send it to you ;)

[Alex]

alex@mouseplanet.com

Seriously, I'd like to see it. Here's the product (http://www.citifinancial.com/productsandservices/extracash.php) that is probably being pimped. On that page they don't advertise it for such frivolous purposes.

However, it does appear to be a secured loan. And if you were otherwise going to fund vacation through credit cards it isn't a bad alternative since the interest rates are likely to be better. The 14-day return policy (without fees or interest) is an interesting service. I can see this being a slightly less usurious form of credit that payday loan places.

[LSPoorEeyorick]

I'm of the opinion that one should not finance a vacation; one should save for it. I know it's not everyone's priority, but it's mine to avoid living beyond my means. I don't sit on money (aside from the retirement fund) and I don't not spend it. I just save the money until I'm ready to spend it, not the other way around.

[BarTopDancer]

Alex, you have mail.

On a side note, my WDW trip went on credit cards. Responsible? Not really. But I knew what was doing when I did it. And I'm ok with that.

[€uroMeinke]

Hmmm - I don't think I ever "saved" for a vacation - considering the devaluation of the dollar, I can't help but think I made the correct economic choice.

[lashbear]

We may have Japan paid for by the time we go again next...

[LSPoorEeyorick]

Well, you know, what's good for you is good for you. And so on. And sometimes the dollar swings in one person's favor or another. I'm certainly not saying what works for us has to work for everyone. But we happen to work in an industry where work isn't guaranteed to last and we have to be very careful, because who knows when the current TV show is going to end, and who knows where the next show is coming from (and when.) Such is the life of a freelancer - or really, anyone whose industry is based on short-term projects.

It took us about a year to save for our two-week Italy blowout, and it was good that we did because the editing work was more scarce this year, and our budget wouldn't have been as comfortable paying off big credit bills.

[€uroMeinke]

And this is why I shall remain a corporate tool ;)

[NirvanaMan]

I'm of the opinion that one should not finance a vacation; one should save for it.

I'll go a step further. Other than a house, business, education or a short-term loan for a vehicle, one shouldn't finance anything. Always live within ones means.

[€uroMeinke]

I'll go a step further. Other than a house, business, education or a short-term loan for a vehicle, one shouldn't finance anything. Always live within ones means.

Nonsense - credit means someone has money and doesn't know how to spend it, why shouldn't it be spent on me? And should tides turn and I can't pay the dept, I'll still always have Paris while my creditor will have to content himself with a write-off.

[BarTopDancer]

I made a change at New Years to put away the credit cards, and to use available funds for everything, while dumping as much as I can towards my credit cards to get them paid off. Of course, 5 months later everything got more expensive. My car will be paid off next month and all that money is going towards my cards. It is easier to live within ones means when you weren't saddled with debt from "go". I hope to have my credit cards paid off in 2 years or less.