To the people who can't understand how people get into this much debt:
I think you're underestimating the persuasive powers of salespeople who are on commision for selling things like credit cards and loans.
It's not uncommon for someone to sell you a credit card and then diarise a call in 6 months time to sell you a consolidation loan. This then frees up your credit card again for more spending.
As more of your income is getting spent on repayments you start to have to use credit cards for normal expenses - food shopping for instance - and on it goes.
I think the companies selling these products need to take a hell of a lot more responsibility for their sales tactics and their constantly increasing targets and presure on staff to sell at any cost.
I worked in the industry and knew fine well what tactics etc were used and I still fell in to the trap, so what hope is there for the average man in the street? |
