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Originally Posted by Graham
The problem is that, at the moment there is insufficient regulation of the credit lenders so that it is too easy to a) get credit and b) get into serious debt.
Yes, ok, I don't deny that some people get themselves into trouble, but when there are people begging you to take their cards and effectively offering inducements (low introductory rates etc) to persuade you, it's not difficult to see how people can be suckered into taking out more credit than they can repay.
Of course by the time they *realise* it, they're so deep in the s$$t that there's very little they can do to get out without *further* borrowing.
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1. All lenders come under the scrutiny of the Office of Fair Trading or Mortgage Code Compliance Board or Financial Services Authority.
2. Whenever someone gets into trouble, they always have brought it upon THEMSELVES.
3. It is quite simple to simply shred the "pre-approved" platinum card application you know. Nobody holds a gun to your head and makes you fill it in.
4. Anybody who borrows tens of thousands on CC's and is daft enough to believe it doesn't need paid back is stupid enough to go to a money lender instead.
5. If you think CC's have a high interest rate....