Are banks partly to blame for debt?

Question

Hi, i`ve found recently my debt has got a bit out of control (thinking of seeking IVA/bankruptcy) and I just wondered if anyone else thinks banks are partly to blame? A couple of years ago i went into the bank to extend my loan and whilst i was there they kept trying to offer me a credit card and although i kept saying no i dont need one and i`m not interested they kept insisting i have it for `emergencies only.` She even brought her manager over and i had them both in my face trying to offer it me. In the end i said ok just to shut them up and surprise surprise i started to use it cos it was there and before u know it its maxed out. I got another credit card to get a balance transfer and maxed that one out aswell. My own silly fault yes but i can`t help thinking its the banks fault for insisting i have it in the first place. I now have £4500 of debt on credit cards alone. Cheers Halifax!! I would be interesed to see if anyone agrees with me

Answer 1

Sure they are. The way the market the product. Just like the way the market junk food and beer and anything. They push the stuff down your throat. They don't take NO for an answer. They make you think that your life is so much better if you borrow, borrow, borrow. They make you think that you can't make it in todays world without a credit card and worshiping the almighty fico.

You can live without credit cards and the almighty fico score.

Mr B talks about manual underwriting. Back before credit cards and the almighty fico score thats all they used. Now with the fico score defaulted loans have sky rocketted. Manual underwriting is where they do a indepth look at the person getting the loan. Fico score lending is where they look at a number.  A monkey could do fico score lending.

Don't worship the almighty fico. It will bring "Nothing" but debt.

Answer 2

No, the banks are selling their product.  There is a reason you have to be over 18 to get credit.  As adults we have to know our limits and live within our means.  Noone complains while they are using this credit, only when they are no longer able to make the payments.  I do realize it is very hard and tempting, though.  ***

Answer 3

Not really. It is a conscious decision to use a credit card to buy something.  You could have closed the account and cut up the card when it arrived.  That is like saying that the supermarket is partly to blame for obesity, the pharmacies are to blame for drug addiction, and the liquor stores or pubs for alcoholism.  

Answer 4

Banks are only to blame for debt if you believe that supermarkets cause people to be fat, grapes are responsible for alcoholism, and speed limits are the root cause of speeding tickets!

The ONLY reason you have £4500 of debt is because you chose to spend money before you had earned it.

Personal responsibility...it's a concept that needs to visit Mother England, apparently!