Irrisponsible lending

Mozette

PaulF81 wrote: »

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 wrote: »

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?

These really made me laugh. I quite agree, but you do word it well:D

Marine_life

Nobody told you to apply for 8 credit cards.

Nobody is twisting your arm to borrow more.

People need to realise they are individuals and not some brainwashed puppet.

CRISPIANNE3

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?

The best thing for you to do is to stop paying your credit card off on time. This will certainly stop any promotional offers.

The_White_Horse

i have a few credit cards from previous 0% transfers. I have had two (virgin and M&S) write to me in the last few months saying "we notice you haven't used the card in a long time, therefore we are reducing your credit limit"

pwllbwdr

They've probably realised your income will be going down on account of the removal of child benefit.

grizzly1911

The_White_Horse wrote: »

i have a few credit cards from previous 0% transfers. I have had two (virgin and M&S) write to me in the last few months saying "we notice you haven't used the card in a long time, therefore we are reducing your credit limit"

I have an MBNA card that had a credit limit approaching £20K (never asked for and never utilised) although I hardly ever used it and certainly always paid it off. They reduced my limit, as part of a random review, to 4 figures. No doubt in attempt to save them money on holding capital against the contingent liability (of me and several thousand others) and the fact they probably thought I was some kind of sleeper.:(

The next month I did some heavy spending on another card, for building work, again paid off in full and I was offered a 100% increase in the limit- which I accepted.:)

Mad.

PasturesNew

I've got no credit cards. After the rent/utility bills are paid and the car's kept on the road to get to work and I've bought spuds, cheese and baked beans and similar basic foods for the month, I've got £100 left over. Once it's gone it's gone. I was saving for a fridge freezer, but a puncture wiped out January's spare money. I expect to have a fridge/freezer by the summer though.

CRISPIANNE3

PasturesNew wrote: »

I've got no credit cards. After the rent/utility bills are paid and the car's kept on the road to get to work and I've bought spuds, cheese and baked beans and similar basic foods for the month, I've got £100 left over. Once it's gone it's gone. I was saving for a fridge freezer, but a puncture wiped out January's spare money. I expect to have a fridge/freezer by the summer though.

You sound a very wise person.

PaulF81

CRISPIANNE3 wrote: »

You sound a very wise person.

Not necessarily. A strong credit rating is a valuable asset. When I regularly moved with work, I needed credit cards to prove my creditworthiness. I may have had 100k saved for a bank deposit, if it were not for my credit card borrowing history, I doubt we could have cashed in on such a decent mortgage rate at the darkest depths of the credit crunch.

Rotor

Marine_life wrote: »

Nobody told you to apply for 8 credit cards.

Nobody is twisting your arm to borrow more.

People need to realise they are individuals and not some brainwashed puppet.

This is very true , however, it is not an either/or choice when it comes to the irresponsibility. BOTH lender and borrower are being foolish if money is lent to someone who will struggle to pay it back.