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Thursday, 10 December 2009

A world designed to get us in debt

I must firstly confess that I am also in debt, but I am now working my way out of my debt and should be all clear in the not to distant future.

But it seems that there is a whole world temptations out there designed to draw us in chew us up and then spit us out again. I will openly admit that my debts are my own fault and I am now paying the price for that.

but what about when it isn't the persons fault. what about those people who trust the bank or company that they invest their money in and then the bank or company. changes the deal all of a sudden. or they will charge you astronomical prices should you fall just a little behind in your payment to them.

you owe them a penny and they charge you a pound. I have seen this happen just the other day and it happened to me. I have a overdraft that i have not touched for at least two years now but I have been paying it off a little every month. I was charged interest which roughly means that for every 25 pounds I owed I was charged 3 pounds at the end of the month. it was simple and easy.

It seems that the bank changed the rules, not just for me but for all their customers. the new rules are anyone with a overdraft would now be charged a pound a day every day until the overdraft was settled. and if this makes you go over your overdraft limit even by one pence then you are charged 5 pounds a day every day until you bring your account up to date, so now instead of owing just 20 pounds a month I would now be paying £150 pounds a month just for been a few pounds over my overdraft.

it stinks but I have now sorted it out, but what about those people who can't afford it. they could literally end up owing 1000's for just a few pence of debt.

I do truly believe that it is a world designed to get people in debt one way or the other

1 comment:

Jennifer said...

It's very sad but I'm just glad you got it sorted out.