Irrisponsible lending

Norfolk_Jim

Frankly I'm shocked at how many letters I'm getting from my 8 credit cards offering me 0% balance transfers and increases in credit limit every week - they are insane - The last thing in the world I need right now is even more debt so I throw them away but how many people, maybe in desperate circumstances ( just see how many loans people like Wonga make) succumb to these offers and get deeper into debt.
Shouldn't the banks be pushing this money into investment rather than more consumer spending - which largely ends up in China's coffers anyway?

mystic_trev

Often, the more credit you take, the more creditworthy you become.So long as you keep up the repayments, they're happy to lend you more. Mad (i know) but that's the way it is!

james_toney

i am not receiving any and i could do with it, got 2 empty mbna cards no sign of any BT offers though

Norfolk_Jim

james_toney wrote: »

i am not receiving any and i could do with it, got 2 empty mbna cards no sign of any BT offers though

how long a record have you got? I've got 30 years of never missing a payment of any kind, plus I have a mortgage with a similar good record - but I don't know how much that counts for anything.

Do they base their credit decisions on only that? If I took them up on their offers they would likely never see it all back

brarus20

Might as well load up your credit cards, take every offer you get and max them out.

When you hit the buffers and can't repay it just get someone else to pay it for you, it's more or less what the government is encouraging, debt is good.

Harry_Boyle

I just use my credit card for work and for large ticket items for the insurance cover. I pay it off at the end of the month and never get hassled by credit card companies. They never make any money out of me so I suppose I'm not worth the effort on their part.

somethingcorporate

How is it irresponsible lending?

You don't have to apply to borrow their money.

MacMickster

It could be considered irresponsible to allow any person to have 8 credit cards on the go at any time, as the individual could choose to go on a spree with them all.

PaulF81

Norfolk_Jim wrote: »

Frankly I'm shocked at how many letters I'm getting from my 8 credit cards offering me 0% balance transfers and increases in credit limit every week - they are insane - The last thing in the world I need right now is even more debt so I throw them away but how many people, maybe in desperate circumstances ( just see how many loans people like Wonga make) succumb to these offers and get deeper into debt.
Shouldn't the banks be pushing this money into investment rather than more consumer spending - which largely ends up in China's coffers anyway?

Never buy any big one off purchases? Used it for car deposits, building materials and lots of expensive other things. Then laughed at the bank as I pay the full amount off the day before the deal expires, then cancel the card.

Sport of kings.

PaulF81

MacMickster wrote: »

It could be considered irresponsible to allow any person to have 8 credit cards on the go at any time, as the individual could choose to go on a spree with them all.

They could. Just like they could drink bleach. Or walk in front of a car. We have 7 and use all of them for differing reasons. Doesn't mean I plan to use the 70k on tap overnight does it?

Thrugelmir

Why the need for 8 credit cards?