In some cases, interest and charges could be cancelled on people who are constantly in debt, while companies are also being encouraged to work closer with customers to work on repaying what they owe quicker.
Credit cards are something I have always tried to steer clear of because I can imagine it is so easy to just fall into uncontrolled debt very quickly.
I have always been of the mantra that you should only spend money that you have got coming in.
But when I tried buying a house, the fact that I had no credit history actually affected me worse than if I would have had a bad credit history, which I found to be completely bizarre.
I had to jump through quite a few hoops to get a mortgage and to have a system where something bad is better than nothing at all is crazy to me.
I know people who only ever pay the interest off their debt, not actually paying anything at all towards getting the debt knocked down.
I can’t imagine how disheartening that must be – to work hard and have to pay someone every week without actually whittling anything down. You’re effectively working to stand still.
Credit card companies make the most money out of these people, so it’s no surprise that they’re not offering much help to them.
Of course, it’s not all the fault of the credit card companies. Some people just bury their head in the sand, but debt is something that doesn’t go away until you have dealt with it head-on.
People need to take more responsibility for the debt they accrue, but there are examples when simple naivety or bad circumstances are the reason why people get in debt.
Everyone makes mistakes, but more can be done from the companies and the people in debt to improve the situation.