Posts Tagged ‘debtors’

It is a day by day struggle for people to keep one step ahead of debt but are creditors really to blame for a nation on the edge?

A creditor has the power to increase a customer’s credit limit without seeking the permission of the credit card holder beforehand. For those who do not check their credit balance, goods can just seem very easy to purchase. Reality only really sets in when the statement comes through and it is difficult to meet repayments.  Once a debtor starts falling behind with payments, late and missed payment fees are added and the bottomless pit of credit starts to fill up with debt. The credit card company will then start demanding more and more in fees each month.creditcard

Credit card and loan companies often use enticing forms of direct mail to encourage people to borrow. Mock cheques addressed to the individual show just how easy it is to obtain extra cash by simply completing an enclosed form. However, the dangers of borrowing are never revealed in the advertisement and consumers never look further than that piece of paper which is flaunted before their very eyes.

For those of us not too savvy with financial jargon, the terms and conditions of an agreement can be very boring to read. Some creditors take advantage of this by using complicated vocabulary which doesn’t correctly explain what the client is entering into. In many cases, credit is secured on a debtor’s home but this information is cleverly disguised.

Many credit card companies fail to even ask for proof of a debtor’s income. This makes credit even more readily available for those who are rejected by more ethical lenders.

If you have been misled into debt, seek the services of a debt advisor immediately who will help you correct the mistakes that were enforced upon you by unscrupulous lenders.


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