AIBU to think this is really shitty of the catalogue?

[BumbleBored]

I have a catalogue that I go to the limit on through necessity in a bad time.

I managed to pay maybe 40% off it but then circumstances went down hill and I was only able to make minimum payments.

The items I had bought on interest free ran out of the free period so 40% interest was added to some large value items :(

So my credit limit was xxx and because of the added 40% interest I ended up OVER my limit.
Obviously all this points to me struggling but managing to pay minimum.

I logged on today to make my monthly payment and they have DOUBLED my credit limit.

I'm going to call and ask them to reduce it tomorrow.

But I won't lie... with Christmas coming up part of me thought 'oh! ...I might see what they have...'

But it's a false economy of course.

But AIBU to think it's really bad of them to do that? I know it's a buisness but it's preying on people who can't afford things outright and are obviously struggling.

I know it's my own responsibility to manage my money but a lot of people on a low income get dragged into the trap so easily and it's so hard to escape.

Guess I'm just ranting.

Yes it's tough. Pay it off ASAP and don't use it again or you could be in this spiral of debt for many years.

You aren't their priority. Be your own priority.

It is how they make their money. Know one is forcing you to use them.

You knew it was 40% interest rate before you used it. This is designed 100% to fleece the poor.

How bad are things financially do go need to consider a debt repayment plan via step change (charity)?

I did know. But at that point hen i bought the items I could afford the higher payments to clear it before the 40% was added.

Then my marriage broke down and I didn't.

The issue with increasing catalogue debt is that you have to spend so much to meet your minimum payment, that when you really need something (uniform, shoes, coats etc) you dont have any free cash to shop around, so have to buy it on the catalogue.

Catalogue prices are often higher than what you would spend in a budget high street store like primark or george, so you end up spending more.

It’s a downward spiral IME and one I suspect they do exploit.

If at all possible try to pay it off and use it for emergencies only

I agree this is bad and I thought they had legislated to try and prevent this.

You do the right thing about the credit limit. Have you thought about an interest free credit card for balance transfers? Then lose the catalogue account completely.

I can't get an interest free card. My credit is zero.

This is the only credit line I still have open.

It is really bad of them op. They create a slippery slope and then push you down it.

I hope you can avoid spending any more and clear the debt ASAP.

Sorry about your marriage breakdown. You'll be ok!

There is no catalogue that sells necessity items. Stop buying stuff on them.

Ask a friend or relative to pay off the catalogue and pay them back interest free or at a low interest rate. Then carefully examine your income and outgoings and try to live within your means.

I completely agree, it's shit of them. I ended up on a slippery slope with this so well done you for not going down it

The less money u have, the more your credit will cost. Dont let these filthy leeches feed off you.

Ah Bumble I’ve been there and am glad I’m out of it.

I always paid more than the minimum payment but never paid it off fully. My limit went up from £2,000 to £10,000. Who on earth would take £10k worth of debt at 40%?

Good on you for ringing them to not accept. If they’ve changed your account details without your approval is there not something you can do to reject their offer and offer to pay back but at a reduced interest rate??!

I disagree about not necessity items.

My account is mostly white goods and kids shoes. Which I didn't have the cash to replace.