Ban all loan & credit card commercials on TV and radio
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I feel it is far to easy to get into more debt with loans and credit cards being shown on TV, basically aiming the adverts at those who do not have much savings or very little income.
These companies make millions out of these loans and cards, especially with the interest rates - which are geared towards the lender and not the customer.
There is too much temptation, especially for those of low income, to get more and more in to debt, which takes years of heartache and upset to clear the debt. They even accept people on Zero Hour Contracts and those who, through no fault of them all, end up on the dole and/or sick.
The country should be encouraging people to get out of debt, and not getting into more debt.
Also, some of the action taken by these companies are worse than loan sharks, if you miss a payment with threats of CCJ's etc.
I have personally been caught in the loan trap, and I feel ashamed and depressed because of them. Our lives are hell now. If these so-called "helpful loans and cards" with hollow promises - like "oh, take a loan out now and pay for a new boiler from next month's wage - it is NOT GOING TO HAPPEN" disappeared, we would not have got in to this mess, and facing a CCJ.
More and more people are running out of money and are turning to these loans and cards, hoping the future will improve (like me, but I can't get a job - too old and not enough up to date qualifications). It is bad enough students start their working life in debt after University without loans and credit cards being made to look attractive.
Please remember - you are two missed payments from getting into debt. If you have no job, this will happen.
Loan commercials need to be banned. They are not a solution to the problem.
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