Are UK Credit Card Companies To Blame For High Levels Of Personal Debt?
Studies have shown that 2006 was one of the worst years for debt within the UK. A lot of focus has been placed upon credit card companies as well as banks, for their complete lack of responsibility for this level of debt - but are they really to blame?
On one hand you could argue that people are responsible for their own actions and that their debt problem is due to their own lack of responsibility. In a way that is true and people are responsible for taking out loans, but on the other hand you could argue that those loans shouldn’t be too openly available.
Credit cards are available everywhere you look. They tempt people into buying now and paying later and who wouldn’t want to have something there and then without having to pay a penny? People are weak and these days we do rely on a lot of material things. Clothes, home upgrades, new cars. Everything tempts us and as these cash back credit cards are so easy to apply for we end up in a lot of debt! Many people even have more than one credit card which can be extremely dangerous! So, whilst people do have a certain responsibility for getting credit cards, you have also got to take a look at the companies too. It has to be a joint effort to stop the debt crisis and credit card companies alone cannot be blamed.
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