MDL berthing fees anomaly

[jfm]

Errr..... 19% is APR - that equates to approx 9% flat rate, so "only" 8 1/2% margin.
Anyway, smug "debit card / no credit card" people - not everyone can afford to pay upfront mooring fees or save over the year etc etc. Some people have mortgages to pay, houses that need repair, kids at school / university or need driving lessons / cars / weddings. Be a little less smug and a little more tolerant of others' situations.
Running any boat is expensive - who cares if it costs some interest to provide such a good pastime? We all do this for enjoyment. Pay for your mooring fees / repairs how you will and enjoy your boat,eh?

You are missing my point. I understand mortgages/kids school/university/etc and the usefullness of borrowed funds to do all that. I wasn't saying don't borrow money; I was merely saying don't pay lending margins of 18%, because borrowing can be much cheaper than that.

 

[Croak]

Anyway, smug "debit card / no credit card" people - not everyone can afford to pay upfront mooring fees or save over the year etc etc. Some people have mortgages to pay, houses that need repair, kids at school / university or need driving lessons / cars / weddings. Be a little less smug and a little more tolerant of others' situations.
Running any boat is expensive - who cares if it costs some interest to provide such a good pastime? We all do this for enjoyment. Pay for your mooring fees / repairs how you will and enjoy your boat,eh?

It's not about being smug. It is about financial management. You will still have to pay the money just as much as me, But I will pay less in intrest payments because I save up over the year. I have V little income But make it work the best I can.

This is a thread about trying to save a bit of money on mooring fees.

Not smug, just carefull and slightly shocked that others arn't .

 

[PaulGooch]

<snip>
Anyway, smug "debit card / no credit card" people - not everyone can afford to pay upfront mooring fees or save over the year etc etc. Some people have mortgages to pay, houses that need repair, kids at school / university or need driving lessons / cars / weddings. Be a little less smug and a little more tolerant of others' situations.
Running any boat is expensive - who cares if it costs some interest to provide such a good pastime? We all do this for enjoyment. Pay for your mooring fees / repairs how you will and enjoy your boat,eh?

It isn't about being smug and affording it has got nothing to do with it, we all have the type of bills you mention. You're borrowing just means that you pay more for your mooring than someone who pays cash. I pay my mooring fees on a monthly basis too, difference is, i put mine in a savings account each month, the year before the fees are due.

If someone chooses to pay by credit card, they have to pay the additional cost of the interest. The main reason they then can't afford to pay up front or save through the year is because they wasted so much of their hard earned money on interest charges. This year has been especially tough for us. We have found it hard to find the cash to run the boat and save for the mooring fees. If we hadn't have been able to find the cash for the mooring fees, we would have moved the boat to somewhere cheaper, even if it meant a swinging mooring, which we'd hate to be honest. To my way of thinking, if we couldn't afford to save the money this year, we wouldn't be able to make the credit card payment next year, with the added cost of interest charges.

I'm not judging anyone who chooses to borrow money to fund their hobby (or anything else), but i don't like to be considered "smug" because i choose to save my money and pay up front.

 

[DAKA]

well said, in my opinion its the ones paying monthly who are the wealthy ones, I couldnt afford to boat if I bought everything on credit.

I work hard, save hard , and wait until I can afford before I buy.

 

[benjenbav]

well said, in my opinion its the ones paying monthly who are the wealthy ones, I couldnt afford to boat if I bought everything on credit.

I work hard, save hard , and wait until I can afford before I buy.

Pete, I know you have a view on Premier's contract terms but one aspect which I always found helpful was that they offered monthly payment as an alternative to discounted annual payment. I was always in the fortunate position of being able to choose which to do but every year I berthed with them I went for the monthly DD option on the basis that if they went pop I'd be happy to stop the DD and argue the toss with the administrator.

 

[Scubadoo]

I think the "debit / No Credit card" people maybe missing some financial sense. I prefer to keep my money in saving accounts earning interest and pay for the berth on a 0% Purchase credit card for 12months, and at the end of the term pay off the c/card balance. Okay you pay the 1.5% charge but at least your earning more in interest on your savings (in the last few years the saving rates have not been so good of course, but still better than 1.5%).

With regards to internet purchases, I would never use a debit card over the internet for security reasons, best to make full use of the security of a c/card. Anyway the best method I think is paypal. If your debit card is compromised by the internet, do you really what the hassle of dealing with "fraud" and suspending your card etc etc.

 

[beejay190]

I think the "debit / No Credit card" people maybe missing some financial sense. I prefer to keep my money in saving accounts earning interest and pay for the berth on a 0% Purchase credit card for 12months, and at the end of the term pay off the c/card balance. Okay you pay the 1.5% charge but at least your earning more in interest on your savings (in the last few years the saving rates have not been so good of course, but still better than 1.5%).

With regards to internet purchases, I would never use a debit card over the internet for security reasons, best to make full use of the security of a c/card. Anyway the best method I think is paypal. If your debit card is compromised by the internet, do you really what the hassle of dealing with "fraud" and suspending your card etc etc.

If I follow your preferred method " credit / No debit card" + settle the credit card bill in twelve months time i might be about 50 quid better off. But frankly i cannot be bothered . Prefer to pay 100% upfront and forget about it for a year. Each to his own , of course.