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gruffydd

Lenders Aim To Put Homes At Risk To Recover Credit Card Debt

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http://www.timesonline.co.uk/article/0,,2-1840507,00.html

TOUGH new action by the Government and lenders to tackle growing credit card debt will put homes at risk of repossession as companies seek to get their money back.

The move has provoked alarm among debt advisers who are warning that the promotion of loans and credit cards should carry health warnings that homes may be at risk if repayments are missed.

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I started a thread a few weeks ago about credit card companies lending far more than what people could afford to pay back. The reason that a lot of FTB struggle to get onto the property ladder is because of credit card debt or a bad credit rating.

If the decision to repossess someones home due to missed payments lies with the lenders, surly they show more responsibility thatn to offer £2000 credit to a person earning £1000 a month.

Short term, lenders will benifit financially but long term it will put off potential credit card users. Their greed could cost them millions, I certainly hope so.

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I wish these lenders would just get on with it and start repossessing and give these lunatic credit card chavs the kick up the a*se they need. Maybe it will also get the alarm bells ringing in the disbelieving public.

I'm sick of going round a shopping mall in the UK watching these chavs spending money they don't have and then getting earache from the wife because I won't copy them by getting into 30k of credit card debt just to buy the latest mobile phone/fashion/(fill in the rest..............). Seems that to live within your means in the UK these days marks you out as some kind of dinosaur.

Bring it on I say!

Cheers,

John

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I wish these lenders would just get on with it and start repossessing and give these lunatic credit card chavs the kick up the a*se they need. Maybe it will also get the alarm bells ringing in the disbelieving public.

I'm sick of going round a shopping mall in the UK watching these chavs spending money they don't have and then getting earache from the wife because I won't copy them by getting into 30k of credit card debt just to buy the latest mobile phone/fashion/(fill in the rest..............). Seems that to live within your means in the UK these days marks you out as some kind of dinosaur.

Bring it on I say!

Cheers,

John

Never truer words said.

Credit is soo easy to get nowadays. Now dont get me wrong I have had my share of using my Credit Card and was 'laughed at' a few years ago when I said I paid it off straight away! Their view was 'well If you die its written off. Dont know if thats true or not but my view was - I use my credit card for 2 things. Internet purchases for the INSURANCE reason and sometimes - I MAY buy something that I want rather than need. If I cant pay for it in a month (Have been known to buy a 32" WS telly a few years ago when I went to get a shirt! :rolleyes: ), then If I cant pay in 3 months then I DONT PURCHASE.

In OTher words - I live WITHIN my means.

I have borrowed all my life to get cars. In the job im at now i NEED a car, so no way out of it. THat was until the weekend. I AM NOW DEBT FREE - paid off my loan with savings as the interest on loan was outperforming the interest on savings.

PAYING A DEBT CAN BE A PLEASURABLE THING!

Get rid of Debt - Its brings too much misery.

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TOUGH new action by the Government and lenders to tackle growing credit card debt will put homes at risk of repossession as companies seek to get their money back.

Tough new action? Eh? To hoover up the homes of people they hoodwinked into riduclous debt to keep the economy 'growing' apace?

Instead of getting all tough, wouldn't it have made sense not to inflate the money supply at such a frenetic pace and not give out thirty cards to anyone with a pulse?

'Don't worry - if they keep paying their bills we'll be raking in obscene amounts of money, if they stop paying we get their house. Win-win situation.'

A recession is the superrich's bargain sale.

Edited by CrashedOutAndBurned

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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