To me they are pushers in monetary sense...promoting it is alright to be in DEBT!!!!!!!!!!!!!!!!!!
1.Giving upto £20K or more of credit at interest rate of 15% -22%, cash advance at 27% per annum(Cap 1).
2. They don't care if you never pay it all back in your life time....they take you house if you have one.
3.Balance transfer to keep the debt going for life!! But they charge 2.75% for each transfer!
4.They want Payment protection - more expensive than income protection. They don't like it when you cancel. I had to before my IVA - YELL down the phone to Halifax to get it CANCELLED!!!
5.Lowering monthy payments to 2.5% for just interest so the debt goes on and on.
6.Do not like people who have a credit card and pay on time - they say these people are been subsidised(by the poor)...oh how caring for the Banks to mention that.
7.In previous Select committee hearings - CC Bank bosses say to MPs you have no powers to tell us how and what to charge!! Even telling the OFT they can't legally tell the Banks to adopt fair principles.
Some of the them incl these US banks operating in the UK made people like me others pay 95% of our monthly payment covering interest only -so debt never get paid off.
I've IVA this lot and they probably didn't get much back from Max Recovery.
and depends on what apr the charge 19.9% some credit cards are as much as 44% they make lots of ££ out of us if we keep spending there money they are silly people for doing is but i must say its 50% there fault for giving it us and 50% our fault
its 50% our fault skippy and 50% theres but after you get a credit card you think thats great after 12 months you might have a limit of 1k at the start and then they will upper it to 3k or 10k without telling you so whos fault is thats skippy for uppering these limits
i agree with that skippy i got my first loan for 3k 5 years ago i had a credit card i went over the limit on 2 of my cards thats why i needed the loan anyway i got it with lloyds tsb who i use to bank money with and they took the card of me as that was my first loan and the 3k was in my bank account within 1 hr as melanie giles as said we are going cash less these days
and i think andy davie is right saying when he had is shop they uppered the limit within 2 years i think its to temting to have them upper your limits