I think it is criminal that banks have let us borrow millions from them. They send unsolicited credit cards offers with minimal checks on potential customers financial position. For example they started sending me unsolicited credit card offers at the age of fourteen. When I was seventeen I had a part time job that paid minimum wage yet my bank gave me a credit card. On this credit card I was allowed borrow £1,000 so it is hardly surprising people have found themselves in major debt.
Now we’re in recession and a part of it is to do with the banks raising the credit limit on credit cards and encouraged you to borrow. Major stores also encouraged instore credit cards which had very high interest rate which were often directed at young people, especially students. I don’t think they should have the power to do this specially now there is £53 billion owed on credit cards in Britain alone. So I’m pleased to see there are legislations being brought in to stop the Credit Card companies from raising the limit where not needed. http://news.bbc.co.uk/1/hi/business/7947424.stm
Now we’re in recession and a part of it is to do with the banks raising the credit limit on credit cards and encouraged you to borrow. Major stores also encouraged instore credit cards which had very high interest rate which were often directed at young people, especially students. I don’t think they should have the power to do this specially now there is £53 billion owed on credit cards in Britain alone. So I’m pleased to see there are legislations being brought in to stop the Credit Card companies from raising the limit where not needed. http://news.bbc.co.uk/1/hi/business/7947424.stm
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