to think banks just try to make money out of you and try to tempt you?

[OrlandoWoolf]

Just paid of two credit cards. There was a reasonable amount on them bu had a situation where I could pay them off.

So today, I have received an offer to transfer balances (or even put money into my current account) using an interest free balance transfer for 12 months.

I've just paid them off so now they want me to give them more debt. And they've also increased my credit limit. All because I cleared a large amount off them.

Of course. Did you think they did money stuff out of the goodness of their hearts?

They are a business. They are no longer making any money off of you.

Gosh, those institutions of virtue wouldn't possibly be involved in anything so underhand.

Surely all they want to do is give you somewhere warm and cosy to store your cash and help you out when things are tough. Don't loans come with a cup of tea and a choccy digestive anymore?

Banks are businesses and they are there to make money and increase profit. So YANBU to think the banks are trying to make money out of you. However, YABU to be surprised by this!

The system probably said - let's tempt her again.

The worry is that some people will be tempted, fall into debt and cause a financial crisis. Or something like that.

What did you think thy were there for? As a public service?
This is what they should teach in schools, not bloody geometry.

Er, yeah?

Trust me - I was not at all surprised!!

That's exactly what the system said and people are tempted again.

That's why they keep doing it.

It's a worry for us - a business plan for them.

I would actually respect a bank (in an evil genius kind of way) if they had cashiers wear wolf masks and customers wear rabbit ones. Might even open an account with them......

On a serious point - do banks have any kind of responsibility with this stuff?

Well, they have to make money somehow... But used carefully they won't cost you anything, in fact you will be better off.

I'm with Halifax and got in early with the reward accounts and got 3 before they changed to 1 per customer. Plus I have their clarity card. They effectively paid me £20 a month for the last few years.

I have 2 credit cards - Halifax as above and tesco club card one, both are paid off in full every month. I've had about well over £1k in tesco rewards ( when converted to pizza express/days out vouchers etc)

I have only paid about 20p interest in the last 11 years ( since I got first cc at 18) and that was for withdrawing cash from clarity card in Honduras.

I get offers of balance transfers ( to 0% cards) and raised credit limit offers regularly too though.

I worked for a Bank for 10 years in the corporate and commercial team. What I can say is you need to think of banks the same as any other private business. They are there to make money, end off. they are not social enterprises. They do what they can to ensure people can afford their debts mostly because they don't want bad debts like any other business but to be fair individuals should take responsibility for their own debts.

And companies selling diamonds try and tempt you with pictures of pretty rings and necklaces and supermarkets with their adverts for delicious food - you have a product or service you advertise iit - their is no obligation to buy it.

Their responsibility lies in checking that their customer can afford to pay it back - so via credit scoring and payment history - it's the pay day lenders who are thw unscrupulous one as their target market is more likely ro be unable to afford it and will have a higher percentage of people who are financially illiterate or with a limited understanding.