Monday, 26 September 2011

No credit snobs

There isn’t one single person who knows for sure whether they’ll be accepted or declined for credit. Every lender has a different set of criteria, many of them automated and all of them carefully concealed to prevent fraud.  However, real fraud is committed by those who promise a loan come what may, exploiting our fears of no to low credit. 

To reach some £1450 billion of personal borrowing, there must be an awful lot of people, who borrowed beyond our newly refined comfort zones. Why then do we continue to pay for the shame of struggling? When countless economists failed to predict the impending recession, what makes anyone else so useless? 

Whether someone has lost a job, been ill, or on a silly spending spree, another loan is the last thing that any of us needs. Insolvency costs us all. We have a collective responsibility to say there is no shame in struggling and that tackling the problem shows courage.  None of us thrives on decisions made in shame or fear.

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Unpaid bills levy charges that add to the costs of living, so like or not, your security depends on that of another. If you can afford more price hikes, by all means, mutter debt’s name under your breath. Pretend it’s not there. Ignore the payday, guarantor and no credit check loans. Only, don’t expect help when you need it. 

 

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