877 - ADDICTED Call our Addicted.com Lifeline 24 hours a day - 7 days a week

The best hope for your journey through recovery...

The best hope for your journey through recovery...

Login | Register
Forums Home » Shopping »

Irresponsible Lenders

Irresponsible Lenders
7/10/2007 3:16:00 AM etali
38 Posts etali's Avatar
I have a friend who has some spending issues - countered a little by being able to ebay the junk he's bought, thankfully, but still, he spends more than he earns. So far, he thinks he's OK, because he can take out loan after loan, and card after card, but really that is going to catch up with him eventually.

What I don't understand is that his bank can see he has a mortage, an overdraft, a normal loan, and a credit card. He's spending and spending, and they're increasing limits, offering consolodation, etc.

Why are lenders like that? I think it's stupid they almost want people to get into trouble so they can levy charges against them!
Re: Irresponsible Lenders
7/10/2007 8:23:03 PM talisman
202 Posts talisman's Avatar
Credit card companies get most of their revenue through late fees and interest. They obviously don't want you to default on your obligation, but they do want you to spend more with their company because it means more money for the company. They're not out to protect your interest.... they want to take your money, plain and simple.
Re: Irresponsible Lenders
7/16/2007 8:28:12 PM sacback1
192 Posts sacback1's Avatar
Unfortunately that is what many people do, spend until they are buried in debt. The finance people love it because they are rolling in the dough.
Re: Irresponsible Lenders
8/2/2007 10:33:52 PM attagirl
334 Posts attagirl's Avatar
You are correct and it is unfortunate that credit card companies are only out to make a buck or thousands. We need to quit blaming these companies and start taking responsibility for signing the applications and applying for cards. Rip up offers received and pretend they do not exist.
Re: Irresponsible Lenders
8/8/2007 9:47:16 AM layla
19 Posts layla's Avatar
Credit card companies are beginning to take a more responsible approach to lending, but it will take a long time to counter the damage that has been done. It is too easy to go bankrupt, and ther is too little sigma attached to it by today's society. This means financial institutions are starting to loose out,a nd are being forced to take a different approach. Unfortunately, there will always be those companies who continue to prey on those with poor credit, and take advantage of them.
Re: Irresponsible Lenders
8/9/2007 11:59:15 PM britjojo
85 Posts britjojo's Avatar
I completely agree that we need to take responsibility for ourselves, for our own actions. However the credit card companies most definitely prey, deliberately, on people's weaknesses at their darkest hour. They knew exactly what they are doing when they take this approach, and to say the least it is lacking morals.
Re: Irresponsible Lenders
8/10/2007 7:26:17 AM layla
19 Posts layla's Avatar
That's what capitalism is all about though. If people expect businesses to be taking a moral approach, or to be trying to serve anyone elses interest, then they are deluded. Credit card companies are in the game to make money. Just don't let them make it off you.
Re: Irresponsible Lenders
8/11/2007 2:41:53 PM britjojo
85 Posts britjojo's Avatar
Indeed-and for what it's worth I hate capitalism! The idea of making it rich at the expense of everything and everyone around you-just horrible :(

I'll never be wealthy!
Re: Irresponsible Lenders
10/19/2007 9:34:45 AM websurfpro
164 Posts websurfpro's Avatar
Banks approve credits to people regarding their incomes , they'll never lend more than they can afford to pay monthly , but some people just trick the banks , telling them they have no other loans so the banks give them otehr credits, this is the way people can go bankrupt. Your friend should be more carrefull when it comes to credits, banks are no jokes, they can take your house or good away. Everyone just be carefull!
RE: Irresponsible Lenders
8/26/2008 10:38:33 AM ZeeNation
15 Posts ZeeNation's Avatar
I think lenders do want that because in the end they'll be making a lot of money off of them and thats their job, making money off of peoples loans.
RE: Irresponsible Lenders
9/9/2008 4:02:06 PM chacha
20 Posts chacha's Avatar
the credit card companies benefit from your friends problems. Every late payment he makes helps them out, and every loan he takes makes them richer.
RE: Irresponsible Lenders
10/22/2008 3:30:11 PM Zune
4 Posts Zune's Avatar
What I think is really rotten, is how they will give you a loan with an adjustable interest rate.  This drives many families and homeowners out of their homes and on the streets.  They give you a loan, and you're fine making the payments, but then they increase the interest all of a sudden.  You have no choice but to pay them back or claim bankruptcy. 
RE: Re: Irresponsible Lenders
10/23/2008 12:57:37 PM sloppyjoejoe
24 Posts sloppyjoejoe's Avatar
not all lenders are like that. I asked from an increase on my credit card limit and they rejected me like right away. And I'm good at paying bills on time. But I just have a lot to pay because I keep charging.
Forums Home » Shopping »

Irresponsible Lenders