Yesterday Younger Son tried to make an appointment to see someone at HSBC Bank to discuss repaying his overdraft. After a right performance he ended up speaking to a French girl in India to make an appointment to see someone in Wales.
While he was on the phone she asked him if he'd like a credit card. Excuse me?!! He's discussing repaying his overdraft; the last thing he needs is a credit card. He doesn't have a job; he doesn't have any money.
When Elder Son was in school, at some evening jobs fair on school premises, he was asked if he'd like a credit card.
Husband said that's because students and low-wage-earners are the best ones to give credit cards to. We pay ours off each month and don't make any money for the bank; they spend money and are charged huge interest. But they DON'T HAVE ANY MONEY to pay it back!
These banks deserve to get into financial trouble.
6 comments:
That's so stupid! Not to mention immoral. I must be getting really old - phrases like "what's the world coming to?" tend to resound through my head!
Basically, credit cards for students...or anyone, I guess, is legal thievery. I've had them in the past and like you, Liz, paid them off each month.
However, I paid them out and cut them up several years ago. I now have a Visa debit card...acts like a credit card, but I use my own money and it's a lot cheaper!
He is repaying his overdraft - therefore they are losing income. It's called "revenue generation" I believe.
Sadly it's a fact of life - the banks aren't there to kindly look after our savings protecting us from the possible bad guys who might take it out of the biscuit tin under the bed (damn! need a new hiding place now I've revealed that) they have shareholders. Shareholders want dividend and growth. Recently some people have stopped repaying their mortgages in USA - bad news loss of profit and so the banks will only do more of this stuff. I've had more cold calls and junk mail trying to get me to take out new cards and loans in the last 3 months - they are desparate for us to get into debt since that is how they make their shareholders rich.
Dont get me started!
My son, many moons ago, when at boarding school managed to order some shoes over the phone promising that I would pay for them! I sent the shoes back with a terse note.
It's ridiculous isn't it. Sadly if the banks go down through their stupidity (sub prime mortgages etc) they could bring us down too.
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