I can now tell you how to spend more than you earn without trying or if you're unemployed how to spend money you don't have by using the high street loan sharks.
Banks: ie Barclays, Lloyds, Nat west are supposed to follow a strict code of conduct when lending money or giving credit cards.
But do banks see vunerable people as a way of making higher profits for their investors?
Bank staff are under pressure to push on to people loans, credit cards, protection insurance. Many of the vital credit checks are being ignored.
When I first moved in to my flat I opened a bank account. After a few months I was asked if I wanted to use their overdraft facilities. I had to think about it for a few minute but declined their offer and signed to say I didn't want it. Then about nine months ago, out of the blue I received a credit card which I had not applied for. Now if I had not been the person I am. I could have easily used the credit card and run up a massive bill. Being unemployed I would not have been able to afford the repayments. Now if that had happened to someone let's just say an addictive disorder. That credit card would have been like a bar of gold. The same also applies to someone that has been homeless for a long while and have just got their flat. It would have been like a red flag to a bull so I can understand when people say their spending just got out of control. The idea that a credit card gives you unlimited wealth is great but in practice all it brings is misery if your on a low income. The idea that someone can be sent credit cards or get loans without sufficient checks being made is not acceptable by any standard. Their are supposed to be a strict banking codes of practice. But they are not be adhered to.
The only way I see banks keeping to their own guide lines are:
If a bank is found to have given loans, credit cards with insufficient checks? Then the bank itself should pay the amount owed.
If the bank is at fault? The the bank should be fined a large amount and the customer should also benefit from the banks inaptitude by way of compensation.
If the bank is at fault due to staff pressures? The bank should be fined if staff are not trained properly or find that their staff are not doing the job properly.
These are just a few measures that if enough people complain about the way they are forced to have credit cards, loans it might just make the banks think twice if they know there are fines for not applying their own strict guide lines.