Just don't understand

Bob_the_Saver

I just don't understand why people who owe the credit card companies thousands of pounds are suprised when other credit companies won't give them more credit cards to run up even greater debts. Can someone please explain. At the end of the day it's up to the credit card companies who they give cards to, it's their money after all.

I'm going to run and hide now, I think I know what's coming:rolleyes:

ILW

Cannot fault the logic in what you say.

never-in-doubt

Bob_the_Saver wrote: »

I just don't understand why people who owe the credit card companies thousands of pounds are suprised when other credit companies won't give them more credit cards to run up even greater debts. Can someone please explain. At the end of the day it's up to the credit card companies who they give cards to, it's their money after all.

I'm going to run and hide now, I think I know what's coming:rolleyes:

Actually, you may find it is our money - i.e. the British Taxpayers money and not the lenders so much. The explanation you so desire is easy - because we can do it and it is so easy to do it.

As for your absolutely ridiculous post, maybe you ought to refrain from posting if you know its going to rile people - why even post it if in your last sentence you have to say 'I'm going to run and hide now, I think I know what's coming'?

Bonkers

Bob_the_Saver

never-in-doubt wrote: »

Actually, you may find it is our money - i.e. the British Taxpayers money and not the lenders so much. The explanation you so desire is easy - because we can do it and it is so easy to do it.

As for your absolutely ridiculous post, maybe you ought to refrain from posting if you know its going to rile people - why even post it if in your last sentence you have to say 'I'm going to run and hide now, I think I know what's coming'?

Bonkers

So are you saying that they should lend OUR money to people who can't afford to pay off what they have already borrowed?

never-in-doubt

Bob_the_Saver wrote: »

So are you saying that they should lend OUR money to people who can't afford to pay off what they have already borrowed?

Yup - something like that! If you pass the scoring and qualify then why not? The lenders aren't to always know that the borrower cannot and will not pay!

Sorry, just to clarify i'm not talking about proactively sticking up for fraud, i.e. apply with no intention of repayment, but I do support the public that get credit and fall into difficulties.....

Bob_the_Saver

never-in-doubt wrote: »

Yup - something like that! If you pass the scoring and qualify then why not? The lenders aren't to always know that the borrower cannot and will not pay!

Sorry, just to clarify i'm not talking about proactively sticking up for fraud, i.e. apply with no intention of repayment, but I do support the public that get credit and fall into difficulties.....

I'm not suggesting that you do support fraud. My point was though that people seem to regard it is a RIGHT to borrow from private financial institutions (many still are private) and don't seem to think that these businesses have a RIGHT to say no, "we don't think you are a good risk"
based on their existing amounts of borrowing. Reading through many
(NOT ALL) of the posts in these forums would you lend money to the people whith thousands already owed in debts that they can't service
and want to borrow even more? I'm sure they would be happy if you did.
Getting in to difficulties is something that happens but one has no RIGHT
to borrow more.

never-in-doubt

Ahh, I do agree with that point of view. Too many people think it is a right whereas it isn't. But I do think we should all be able to get some kind of bank account, however as for general lending of course it should be scored and allocated to the right to people and better risks.

Unfortunately though, what with the events of the last 15 years now catching up with the lenders, the public need to be re-educated as we've always been able to act irresponsibly in the past!

The reason I get wound up with the banks is for this whole reason, they were too happy to grant credit to any old tom-!!!!!!-and-harry which is simply wrong. This is where I stand up for consumers....

NickX

Bob_the_Saver wrote: »

would you lend money to the people whith thousands already owed in debts that they can't service
and want to borrow even more? I'm sure they would be happy if you did.

But if someone owes significant funds at a high level of APR, applying for new credit at a lower (preferably 0%) APR is the best route to tackle the debt.

You are making the assumpton that taking out new credit agreements is getting people in further difficulties, but this is not always the case.

Bob_the_Saver

never-in-doubt wrote: »

Ahh, I do agree with that point of view. Too many people think it is a right whereas it isn't. But I do think we should all be able to get some kind of bank account, however as for general lending of course it should be scored and allocated to the right to people and better risks.

Unfortunately though, what with the events of the last 15 years now catching up with the lenders, the public need to be re-educated as we've always been able to act irresponsibly in the past!

The reason I get wound up with the banks is for this whole reason, they were too happy to grant credit to any old tom-!!!!!!-and-harry which is simply wrong. This is where I stand up for consumers....

NOW I basically agree with you, but both sides have to take responsibility
and consumers can't be allowed to keep borrowing more and more to dig themselves out of debt, it doesn't work (as the government is about to find out to all our costs!)

PS. I'm no friend of the bankers I can assure you of that!

p00hsticks

It's a fine line - credit card companies LIKE people who owe them money, because that's who they make their money from by charging interest - they get nothing for people who pay off their balance in full every month.

They just need to make a judgement call on exactly how much they can lend to specific individuals and be confident that they will get repaid.

nzseries1

It's very simple, Bob. Some people think credit is a right, and some people think credit is a privilege.