Have your say: Easy Credit

Susan Lewis' husband committed suicide because of his debts

A widow is campaigning against credit card firms following the death of her husband who hanged himself after running up debts exceeding £65,000.

Do you think credit or loan companies are guilty of encouraging high levels of debt by lending too easily?

We asked for your comments, and this is what you had to say:

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They may lend money too liberally but whatever happened to self control? I would resent paying interest rates of 10, 12 or 18%.

I do not see how these huge debts can end in anything but disaster for the banking industry - to the disadvantage of savers like me - when the whole system goes bust.

The rules governing applications for loans and credit via the internet must be overhauled David Guthrie

Surely the industry has to be forced to put itself in order. These debts are financing the apparent & entirely artificial boom in the economy.
Graham Homer

Sounds like the compensation culture again. Oh, of course it is not my responsibility when I spent money on credit. Those wicked companies made me do it!
Calum Steen

The combination of easy access to credit via the internet and the over-enthusiastic attitude of credit companies to give credit is a recipe for disaster for a very significant section of our community. Specifically I am referring to the low-paid youngsters who - like their better paid contempories - are lured into debt without any serious checks or controls.

The rules governing applications for loans and credit via the internet must be overhauled to prevent the vulnerable from obtaining credit which is beyond their means.
David Guthrie

I was surprised to hear the spokeswoman from Experian stating that a lender has access to full details of all of a borrower's loans.

How is it that organisations can pass details of a borrower's transactions to another with impunity?

It seems that money is more important than individual, personal security.
Roger Carter

These people simply are not taking responsibility for their own actions, and that is a recipe for disaster GD

Your programme - like all the news reports - failed to make any comment about personal responsibility and responsible borrowing. This is not negated by the personal tragedy of the Lewis family.
Richard Williams

I have had several credit cards with a total credit availability of thousands of pounds but have always maintained them at zero borrowing, so much so, that some were withdrawn and eventually I realised that most of them were unnecessary and closed them.

Lenders can not force people to borrow and it is not possible to legislate against stupidity.
John A. Shackleton

I find it very difficult to have any sympathy for those who argue that 'the bank made me do it' or 'the government should have saved me' from the dangers of easy credit.

These people simply are not taking responsibility for their own actions, and that is a recipe for disaster.

Easy credit is a blessing. We now have a credit market with more choice, greater competition than ever before and lower rates than virtually anyone can remember.

Innovations like offset mortgages offer huge benefits for efficient money management.

We do not need a nanny state, we just need people to take responsibility for what they do as a matter of their own free choice, and that includes paying off the debt for the mobile phone, the holiday and the Ipod, if they have chosen to use credit to buy them.
GD

My concern lies with the fact that young adults entering university on loans and without earned income are able to apply for and obtain credit cards.

It is difficult enough for them to leave university three or so years later having to repay a loan of several thousands of pounds.

Being faced in addition with credit card debts must be a nightmare, not to mention coping with the interest accruing each month on these debts. What happens is that parents are called upon to help when the loan runs out and minimum credit card payments fall due.

No doubt the banks rely upon parental concern when luring these very vulnerable individuals into indebtedness. These are not the people out of whom the banks should be making their annual millions.
Diana Goforth

I completely agree that credit is too easily available. Since my sons 18th birthday - he is on a gap year before university - he has been bombarded with offers of credit cards. e has found these hard to resist but so far I am pleased to say has done so.

How is it that the only really wealthy people I personally know work in the financial services industry, in insurance, banking or stock broking?

For a democratic society we are being held to ransom by those who get disproportionately rich on the backs of ordinary people.
Anon

Along with the freedom to have credit surely comes some level of personal responsibility Jay Jackson

The credit companies are completely irresponsible to issue over 20 cards to the same person, allowing him to run up debts of £60,000. Friends of min have suffered by running up debts of £20,000.

I always pay the full amount every month to avoid any problems.
Godfrey

I have had a credit card for at least 2 years. With a couple of exceptions I have always paid the full amount each month. The credit limit is only £1500, and despite several requests, I cannot get it raised to a more realistic £2000. Instead it creeps up by small amounts from time to time.

I think this suggests a fairly cautious approach on the part of the company concerned.
Mrs Jean Hegenbarth

Whilst I found the story of the man who committed suicide because of his debts very sad, I do think that to blame lenders is taking things too far.

It is a bit like saying that a garage is culpable for selling a fast car to someone who cannot handle it and who then subsequently kills themselves by driving too fast.

It just needs a bit of self-control to limit spending to the amount that can be paid back every month Robert Rawlings

Please let us not move ourselves closer to the nanny state. The basic problem is that people want things now rather than waiting and saving.

It is too easy to blame someone else for our problems. Along with the freedom to have credit surely comes some level of personal responsibility.
Jay Jackson

People complain about credit card companies increasing their credit limits without permission. But people are not compelled to use the available credit, nobody twists their arms to overspend.

It just needs a bit of self-control to limit spending to the amount that can be paid back every month.
Robert Rawlings

We have a problem with debt and understanding of the nature of debt. A young person heading off to university will be encouraged to borrow many thousands of pounds from the Student Loan Company.

It is all too easy to slip gently into uncontrollable debt Frank Sobey

The loan attracts minimal interest and is repaid over a period of time and non-payment through low income does not result in penalty payments.

At the same time the High Street Banks lend money during the undergraduate and early postgraduate years that is, for a period of time, interest free. Sadly, at the same time, our young folk are bombarded with a broadside of credit card offers. These attract very high interest rates and have severe penalties for non-payment.

Unfortunately, for the financially naive, the trap is baited with curious offers and promises of a better tomorrow.

It is all too easy to slip gently into uncontrollable debt. Indeed it could be argued that folk are mercilessly encouraged to do exactly that. All very worrying and potentially hugely destructive.
Frank Sobey

It is very simple. Just because credit is available does not mean it has to be used. It is the responsibility of each individual to be disciplined and ensure they live within their means. The sensible and the prudent should not have the flexibility of potential borrowing removed because of the feckless and the inept.
Peter Monfield

My case is the antithesis of the one broadcast. My son is at present spending a holiday travelling the world. He worked hard to pay off his debts plus saved to pay for the holiday, but was unable to secure a credit card. Why is this, when other people are offered cards when they are already seriously in debt?
Mrs S. Boulton

The comments we publish are not necessarily the views of the BBC but will reflect the balance of views we have received. It is helpful if contributors state if they work for any organisation relevant to an issue discussed. Readers should form their own views on whether messages published represent undeclared interests, or views prompted by a common source.