Did the title surprise you? Poor credit practices by the lenders? Surely, it should be the borrowers! Not so. To your great surprise; it's actually due to the underhanded practices by some leading banks and financiers, that unwary borrowers overcommit themselves, become delinquent, and end up on a bad credit list.
This scenario happens all over America every day. Finding it more difficult than ever to compete, financial institutions resort to some questionable tactics, in order to increase their market share. There are instances, where their conduct can be termed no less than deplorable. Just like in the case a retired farm worker, recovering after a long interest, and fighting to maintain his mortgage payments, being offered a pre-aproved credit card from one of the biggest bank in the country. The credit limit of $20,000 was offered despite the fact, that the applicant was 4 months behind in his mortgage repayments... to the same bank!
What those bank people thought when sending him the mail solicitation? It's so tempting, especially when you're struggling financially, to accept such an offer. The result? A slide into a poor credit zone because of overspending and difficulties to make monthly repayments. In worst cases, straight into the dreadful bad credit category, when you just don't have enough to keep the debtors at bay.
Yes, the way it is going, we have to be on guard from those "sympathetic" banks and lenders of all kind, who have only one thing in mind: to increase their profits, even if it means getting us deeper into debts.
