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Selected for the debt trap

Years ago, when I was reduced to penury through naivete and the excesses of a former long-term relationship, I remember declaiming self-righteously at my sympathetic bank manager that credit is one of the ugliest words in the world.

I still think that. Apart from the necessary evil of a mortgage, no one should willingly take on something they cannot afford at the time.

I am appalled at the reams of advice given in the press about searching for the best rate for a credit card.

For credit, read debt.

What is the finest advice in financial page? When/if you can afford it, pay off your mortgage/credit card/loan/debt. Get rid of it.

I frequently get mailshots from financial companies telling me I have been “specially selected” to get one of their favourably priced loans at a marvellous rate of interest. What they mean is I have been selected to contribute to their company profits.

Is this not what is called entrapment in another setting? If I take out an unsolicited loan and default on a payment, are the lenders accessories because they offered me facilities I never sought?

Would anyone from the lending sectors like to comment?

Sue Ajax-Lewis

Rustington,

West Sussex

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