Post
by macliam » Fri Dec 06 2019 12:07pm
Something has to be done to combat the appalling personal debt being built up by many in our society. I'm not saying that's the reason for this change, but anything that makes it more difficult to access borrowed funds seems a move in the right direction....
If you can use credit and/or O/D facilities wisely, they can be useful (my monthly credit card bills are in four figures) BUT, only if they are used wisely - I pay the total by DD and have "accidentally" accrued interest charges only 3 times in the last 4 decades, and have a "free" O/D allowance, but have never used it. On the other hand, I know of people in my own family who have continual levels of debt that would worry me to death - my sister is forever bailing out her "kids" (none under 40!), yet they all seem able to afford nice holidays, good cars and all life's little luxuries.
When you see so-called celebs going into voluntary bankruptcy to address huge debt loads, the messge sent out to their followers is obvious...... buy now, worry later.
Just because I'm paranoid, it doesn't mean they're not out to get me