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Banks & customers using credit

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Don't people agree High St Banks like to take advantage of customers using their credit facilities? The market is very competitive and each bank wants you to sign up with them. Once debt builds up though, they always take the better end of the relationship- punitive charges of all sorts and people working in banks like to make demands from customers clearly in financial difficulty. On the phone the customer services assistant will quote 'responsible lending' in an attempt to get agreement. Lots of young people still have student loans to pay off and are at the stage of finding their feet financial-wise. No wonder many people don't trust banks- and some customers pluck up the nerves and take on the big Banks.

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Yes I agree that big banks take advantage over their customers and especially university students. But have not banks and building societies (i think that's what they are called here?) been sending out tempting credit cards and handing money hand over fist down the years? I believe so even in times of recession. And people, even young couples who get into debt have had their homes repossessed. I do not know the answer but if there were any ways one could join forces to deal with the scurrilous ways of the big banks I would certainly join in.

    But surely, with so much accounting software available on the internet and in stores like PC World for example, surely one could manage one's finances better and more safer than be tempted to accept a bank?s carrot? For after the carrot comes stick!

    And always check the small print when getting credit if that is what some have to do. Thoroughly check it. Then read it again to ensure you are not caught out with those punitive charges for paying out of month-date.

    I deliberately refused entry to university for fear of getting into debt. Previously I already went through horrendous times paying off a credit debt I so foolishly caused. I paid off 4,000 euros and it nearly did my head in. Of course - I was a fool to begin with: I was taken in by big promises by a bank and to this day I never have had a credit card and never will.

    I have just opened a business account with a high street bank and immediately I signed to have up to 18 months free banking I was offered use of a credit card with as much as £20,000 credit. I gave my prospective bank manager a leery look and said, firmly, "NO.Thank.You!"

    Poppi
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