Banks - still forcing credit on the young

guisantes

I remember Freshers week at university, when I had just turned 18. Barclaycard had a stall, and offered my friends and me a free inflatable chair to have their credit card. I can still remember feeling like a 'grown up' the first time I used my card along with my 10% NUS discount in Topshop, but the slight nagging feeling that it wasn't mine. None of us had regular jobs, but were still given 750-1000 limits. I think the chair burst after a drunken night out.

I also remember the cards where you were able to choose the colour, pattern, design etc. almost like they were fashion accessories rather than just the ability to run up lots of debt!

BigCraigJohn

"You dont have to use it but its handy to have, what will you do if your car breaks down and you are unable to get to college or work?"
"It wont cost anything if you dont use it"
Its a long time ago but I certainly remember these comments, he failed to mention that I needed to pay it back after, and 12 years later and having paid extortionate amounts of interest, i'm still paying for that tyre.
I guess some people were bought up thinking that banks were a nice man in a pinstripe suit, honest and were there for our own good where infact they are there PURELY to make money and meet targets so will prey on the easiest. I know this was me, but i'll now never trust a bank. However I dont regret any of my 23 past credit agreements or 5 defaults.
Banks will never have control over me again and the experience has taught me a lot which will make me far better with finances in the future.

foxgloves

I think easy credit has fuelled more easy credit, really. Because you couldn't get that sort of credit when I left home & went to be a student in the early 80s, we made do with a lot more 2nd hand things than many young people would probably be prepared to do today. Instead of having to save, credit has meant instant gratification with the big price items. For instance, I know people who have bought a flat or house then more or less furnished the whole place on credit & loans. People used to do this much more gradually, you'd get your parents' 3 piece suite when they had a new one, or you'd look in 2nd hand shops & buy better when you could afford it. When I left home, going & buying a huge flat screen TV, for instance, just wouldn't have been possible, as credit just wasn't available for this kind of overspending. Now, absolutely anyone can go into a shop & slap such an item straight onto credit. I think the instant gratification thing has made it more difficult for people to see that if they are spending more than their income, then they are spending someone else's money. The banks have exploited our natural greed for more & more stuff. They have been irresponsible with some of the high credit limits they've allowed young people, but you can't get away from the fact that if you take home 800 a month & you're spending 1000 a month, you will be in a sizeable chunk of debt after just a year.