tee

28 ~ Wednesday, March 23, 198% -~ North Shore News

BUSINESS

CREDIT NOT ALWAYS BENEFICIAL

DEAR NATASHA and
{van:

Welcome to the wonderful
world of plastic moncy!

I read you are rushin’ (sorry
about that) into the arms of eredil
cards — figuratively, that is.

I'm sure everyone in the Sovict
Union will be taking a great inter-
est in this new way of spending
rubles, especially those you don’t
have.

I know there will be the usual
ted (whoops, sorry again) tape be-
fore cverything is running
smoothly. And it’s sort of sad you
missed those great ‘‘Will that be
cash — or Chargex? ... click,
click!” jingles we had when bank
credit cards first arrived.

But before you pour the vodka
for yet another shot of glasnost
and pile into the caviar (all of
which you charged on your new
credit card, of course), I urge you
to heed my warnings of the perils
of plastic.

In Russia, | hear, your vodka
has led many a comrade into an
alcoholic haze from which escape
is rare.

Here in North America, that
tempting card has led many of our
citizens into a creditholic haze
from which escape is equally dif-
ficult.

Why, just yesterday Beneficial
Canada sent me a ‘‘Welcome to
Beneficial’’ letter, inviting my wife
and me not to pay off the three-
month interest-free loan we got
when we bought a VCR with our
credit card.

Instead, Beneficial said, it would
not only pay off the $593.59 .
owed, it would also send us a che.
que for $41.63.

“How is this possible?’’ I hear
you say. ‘“Those credit cards must
be even better than ... than not go-
ing to Siberia in winter.’’

fon expanded Sunday Travel Section
*on travel destinations — How to pack
— What to take — Where to go.

A SPECIAL
FEATURE OF

Well might) you ask. For
Beneficial is all set to lend us
$635.22 — which it will cost us
$870 to repay over the next 20
months at only $2$ a month. In
other words, we will pay back
almost 37 per cent more than we
borrowed.

“"Why,’’ you say, “that’ san in-
terest rate of 25.95 per cent.’*

Russia is a long way off, sa I
can’t quite see if you are shocked
or delighted. After all, most
department stores charge 32.9 per
cent on an annual basis on their
outstanding accounts.

But perhaps you are shocked
because this company also wants
to increase our indebtedness —
without even being asked.

‘Since our personal loans are
pre-programmed, you may find
your loan amount exceeds the
amount of your purchase and if
so, we wil] mail you our cheque for
the difference the day your loan is
processed,’ explained Richard
Baughman, the Beneficial manag-
er.

We are even invited to apply for
life and disability insurance on, ttc
loan — to sign an application
without knowing the cost.

Ivan and Natasha, all these
delights and expenses of a con-
sumer credit socicty lie ahead of
you.

Paying with plastic makes life
convenient. But it also makes you
spend more moncy — even cn-
couraging you to spend more than
you can afford.

So if you start to show any of
these symptoms, consider shipping

“the credit cards to Siberia. It’s the

only ways to cool off, to become
truly dis-interested.

“Affordably yours,

Mike Grenby.

Don't hold your breath waiting
for legislation to cover financial
planners.

Doug Hyndman, chairman of
the British Columbia — Sccurities
Commission, said he expects to see
more talk than action over the next

few years in Canada when it comes
to government control of financial
planners.

“We are certainly not over-
whelmed with complaints,’’ he told
this month's Pacific chapter
meeting of the Canadian Associa-
tion of Financial Planners

Whether you're buying a

home, or transferring your
mortgage from another in-
stitution, here's some great
news from National Trust:

if we don’t give you an
answer on your mortgage
application within 24 hours,
you'll pa y NO Processing or
Appraisal Fee!

Plus you receive:

“Program applies 10 unter occupied single, dupleues
riications rratived by Apel Kh. IveR. with hull fundine
cancellation

ANSWER INA DAY OR
YOU DON’T PAY?

(CAFP), a self-regulating
organization with more than 1,100
members nationally.

“‘An educated public is far bet-
ter than any kind of government
legislation."”

But Hyndman added he is

dollars

and sense
Mike Grenby

amazed at how easily people trust
others with their money.

“Our main concern is over the
disclosure by financial planners
both of relationships they have in
the investment business and of
their sources of income.””

The message is clear: if your fi-

ADDITIONAL SAVINGS
when you take advantage of
our many options.

PROTECTION OF YOUR
INVESTMENT with our
“mortgage insurance options.

FOR. FRIENDLY, EFFICIENT
SERVICE from our expert
staff, visit one of our offices
today and Jet us make your
home financing easy.

and 1ny ynrears wah tull murucpal eenices  J4 Hours’ aatis when Nevonal Trost recenes ¢ rully documented
by hune Joth. 1988 Normal jocal undereniing criteria ob ettect High 1au0 approvals subsect to appeansal

EARN EVEN
MORE INTEREST
ON YOUR SAVINGS.

The New TOTAL Account”
Profit Even Moore from the
Only Account You Need!

Now you can earn more
interest than ever before.
The new TOTAL account
combines the benefits of
many different accounts
in one convenient
package. Come
in and find out
how you can
bene!

NATIONAL TRUST
ANareomal Sister aid Gres Dniester a ontrpunes
NORTH VANCOUVER - 1407 Lonsdale Ave.
BURNABY - Brentwood Sh. Ctr., 528-4567 Lougheed Hwy. 299-9585
WEST: VANCOUVER ~- Park Royal Sh. Cir.
RICHMOND - 100 - 6760 #3 Road

nancial adviser doesn't volunteer
this information, you should ask.

Although licensing requirements
cover related fields like insurance
and stocks, anybody can call
him/herself a financial planner.

The CAFP is working to
establish standards of performance
but, as Hyndman said, the
organization is still in its formative
years.

When you seek financial advice,
always remember it’s your money.
So please take the full responsibili-
ty for making sure you deal with a
completely honest, qualified indi-
vidual.

Do you have a financial or con-
sumer question for Mike? Or a
story you think should be in his
column? Please write to Mike
Grenby, North Shore News, 1139
Lonsdale, North Vancouver V7M
2H4. Mike cannot reply  in-

dividually but will answer as many

of your letters as possible through
the North Shore News.
Remember to include your

. phone number in case Mike needs
to contact you.

canoe Otter apples 10
Wee Marth Id, tabect

If you have $10,000 to
invest, you ‘should
look at our TOTAL
Money Market
Account, In
addition to earn-
ing a high interest
rate, you get the
convenience of
liquidity. Rates are
set weekly, based on
91-day Treasury bills.

980-5714

922-9191
270-3133

SELL GTS SLPS S ARIES IRE EIN IPI RA NES SEL EAL HERE BEET ER NS TN SO AE CRM TAREE RAD LEN Ne

AT AR ATS

“TRICE