Preying on the foolish and the vulnerable.

James240

Thanks grumbler for pointing that out i didnt even see that they were charging, its basically a legal way of extortion isnt it something really needs to be done................... :mad: :mad: :mad:

fast_track

I just checked - Vanquis credit card is the new product of the Provident. As their interest rates on doorstep collection are under such scrutiny they have diversified - however, the interest rates are the same without the justification of the "service" of the doorstep collector

grumbler

fast_track wrote:

... however, the interest rates are the same without the justification of the "service" of the doorstep collector

Actually Provident's loan rate could be considerably higher - see the thread I quoted above.
"Service" is not the only and the main justification of high interest rate. The other and the main one is high risk involved. This is a law of finance - the higher the risk, the higher the interest. When you invest money you expect to get higher interest on more risky investment, aren't you?

youngandreckless

I was 18 when I got my first credit card. I was signed up at a garage and the rep bumped up my earnings on the form so that I'd be accepted. I only applied for the free gift and was a naive fool - it was maxed within a couple of months. Looking back it was amazing I was accepted and I'm only now realising how my attitudes need to change.
My current debt wasn't mis sold and I have the best possible rate I could get. I will pay what I owe and never make the mistake again, but I find it crazy that there are companies that are charging these rates.
Please don't anyone get a card at this rate, "emergency" is just a worry that you'll not have enough money for something essential, 9 times out of ten we do have enough when we put our minds to it - the irony is, without the debts, we'd all have enough money...

Debt_Free_Chick

Remember, with all credit cards, the interest rate is irrelevant if you pay the balance off in full, every month.

If you want to "get your own back" then simply have a card and spend a budgetted amount on it each month, pay it off in full when you get the statement and no interest