If some people are still in debt now?

Question

What will be their situation next year?

http://uk.news.yahoo.com/pressass/20071208/tuk-millions-still-paying-for-xmas2006-6323e80_2.html

Do you think some credit cards and store cards should take some of the responsibility here, even when they know that money is owed they still offer more. They make it very easy to start with by huge discounts and money off then hammer people with the interest.

what do you think?

Answer 1

I agree....
they send so many cards in the mail
and they make it look so easy and make it
so tempting to spend, spend, spend.
So sad, for those who get in "over their heads"
and can find no way out.

Answer 2

Store cards are the biggest rip off - I got rid of mine many years ago and I still get angry when I go into somewhere like Mothercare and they try to persuade me to take out a store card to get a 10% discount every time I shop there. It is daylight robbery and there should be more control.
Christmas has become a massive spending fest - children expect so much. My kids will get less than most of their friends, mainly because I am sick and tired of the greed and expectation that happens at this time of year. Bah humbug.
It looks like others would benefit from a bit more restraint as well - if you can't pay for it, don't spend it.

Answer 3

I used to work in the credit industry, and blaming the lenders for people's reckless spending is too easy. Certainly some lenders do not do enough to ensure that they lend responsibly, but far more people are cavalier about the way they spend. We all hear of the big bad credit company, but if you look closer at many of the applications for credit you will see that the applicant has lied. That is rarely reported. People MUST take responsibility for their own actions and stop spending if they have difficulty paying it back.

Answer 4

People that get in debt, are not being forced to have the debt. The problem is society today, does not believe in saving for anything. Plus its the norm to go out and spend £1000 on a TV, then blame everyone else when they can't pay the loan.

If people started budgeting for Xmas 6months before they wouldn't have debt. So not thinking they have to spend £1000's on presents that will be thrown in the back of the wardrobe.

Please don't start telling me that you can't do it when your on benefits. I'm on benefits, hopeful coming off them soon, but I've done Xmas on a tight budget. Because I've taken advantage of special offers and hunted round for presents. There's been no need for credit in my life.

Answer 5

I am from the US and I see the same thing here. Banks and credit card companies will never take responsibility unless they are forced to. I believe that our governments have to step in and begin regulating the amounts of loans and lines of credit that people can be given. Otherwise debt will just grow and grow and nobody will prosper.

Answer 6

Hello,

(ANS) Call me cynical but in my opinion most Banks, Building Societies or Credit card companies behave in a morally dubious way frequently.

*CC companies are amongst the worst for behaving badly when it comes to trying to squeeze more profits from ordinary customers. To a CC company its "just business" and that's just how it is. In other words as we have no morals & as we couldn't care less about the customer we don't care how we behave, and all that matters to us is how much profit we can make.

**NOP!! CC companies are the devils spawn and I wouldn't touch them ever again with a long cow prod.

**Business & capitalism doesn't care who they hurt , business & capitalism isn't interested in morals or peoples feelings. Profits are all that matters sadly.

SEE:- Dragons Den for examples of totally ruthless people who are only interested in making money from others.

Ivan

Answer 7

yes, i agree. it is a temptation to those who have not a lot of money to use a credit card to pay for christmas presents etc. then they get hammered with the interest.
if they have an addictive nature then they carry on spending as they probably don't see it as using money.
Keep away from them

Answer 8

thats why i don't use credit cards or take out loans anymore, i would rather save money for something i really want, i took out a loan of £500 when i was younger for driving lessons and had to pay back £1000 + its terrible

Answer 9

I got 2 for the price of 1 boxes of Terrys All Gold at Sainsburys for £3.99.

Thats my shopping taken care of.

Answer 10

At the end of the day though it's down to greed by the people. Basically people are spending way over what they can afford. Its just 2 days each year for goodness sake - why do people feel they have to spend £1,000 to make people happy. Life isnt all about material things xxxxx