Lenders under new criticism for encouraging another debt binge

Lenders under new criticism for encouraging another debt binge June 5, 2009

Posted by BDO in Uncategorized.
Tags: banks, beating, consumer, credit, Debt, lending, loans, marketing
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“People think because interest rates are low that this is a good time to get back in the market and borrow,” Consumer Action Law Centre director Nicole Rich said.

“It’s being put out there by the banks and other lenders to encourage debt because they make money out of us feeling that it’s OK.

“It’s not surprising there are lenders out there willing to dole out the cash so they can snap you up before someone else does,” Ms Rich said.

Don’t be surprised that banks and governments are making an organized and deliberate effort to “reduce interest rates” and to advertise all the great things you can do with their money. The banks and corporations want you dependent on their products and services. They want you enslaved to their credit. Please do not be enticed by all the new advertisements.

In response to the banks help BDO create more public service announcements about the dangers of overspending and debt. Consider making a $5 a month donation to BDO through its Educational Ads project.

For more on this article, click here.

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