Proud of Our Flexible Friends

Many of us are very fond of our little plastic cards and so we should be, because when they were being advertised many years ago, we were told that they were going to be out little “Flexible Friends” but many of us have taken this friendship to the extreme and pushed the boundaries of our finances, further than any friendship can take.

We are stretching our finances to far and if you haven’t all ready fallen into the vicious circle of debt manipulation, that includes us, the banks and commercial credit companies, making the buying power that we had to start with, dry up as the funds begin to go from being an open sea, into a trickle that only the dinosaurs would be glad of.

To paint a picture in your mind, think of winning the lottery everyday to the value of £360 million each day, that is what we are spending daily on credit cards, which you can only agree, is far and above a healthy level of spending.

It’s all done to our infatuation for credit cards, that has become to the fore, especially in the decade, as it is made easier and easier, for even the lowest paid to receive credit cards with ease.

Two thirds of us have a credit card (66%); sixty percent of those have two credit cards in their purses/wallet, with a worrying 10% holding 5 or more credit cards. All this has led to a substantial increase in those who are being made bankrupt, a whopping 30% increase on last year, to a staggering 37,886 people falling off the edge.

Many things have caused this and it is not just down to peoples over spending, credit card companies are now only requiring they’re customers to pay back 2% of the total balance of which they owe and the fact that they make them so readily available and push them under the publics noses doesn’t help, especially those who are living on minimum income but can receive a credit card which they will use, to feed the pressures of the materialistic world that we live in today.

The credit card is a wonderful accessory to have in your purse/wallet but only if it is used wisely and to your advantage, but it is not only us that are finding things hard on the cash front, Barclay bank’s credit card, the Barclaycard has found that with the apparent rise in people not meeting their payments and the more bad debtors that they are being faced with, has the profits that they crave, falling and will continue to fall as more and more, trip and fall over the edge into bankruptcy.