Dear Mrs Priest, as a valued customer you have been chosen to receive one of our platinum credit cards. Dear Mrs Priest, as you have kept your account in good order we would like to raise your credit card limit to £10,000.
Every single day at least 90 per cent of my post is like this - an avalanche of unwanted junk. Often, I don't bother to open it. It goes straight in the bin.
The past couple of weeks it's all been about car insurance. Companies have found out that mine is due for renewal and I have been bombarded with offers.
Well tough, I'm quite happy with the insurance I've got. I'm sure if I rang around one or two of them I could save a bob or two, but frankly, I can't be bothered.
But the loans and credit card junk is deliberately sent to tempt us and brace yourself for a lot more of it. The limit on the amount postmen can deliver has now been scrapped. So any day now, trying to squeeze through your letterbox, will be an avalanche of loan and credit card offers and direct mail, from banks, conservatory companies and double-glazing firms.
The junk mail market is growing at an estimated 12 per cent a year, with the current total of approximately 15 billion items.
These companies don't seem to bother whether you can afford £100,000 loans - it doesn't matter what your income is or if you have other debts.
Some months ago, being nosey (it's my job) I picked up a call on the answerphone for my youngest son. It was an appointment at a loans company. I immediately rang him on his mobile and told him in no uncertain terms not to sign anything, any problems he had we could sought out. It turned out he had a credit card debt - not huge, but one he thought he could solve with a personal loan and he's still a student. This very helpful company was offering him 30 per cent APR. Of course, my son had no idea what this meant. And these firms know this. That debt would soon mount up to become an even bigger problem.
Shops as well are only too happy to persuade you to have one of their store cards - and have you seen what they charge? Levels of APR range from 29.9 per cent to a mere 15.5 per cent. Outrageous. People don't understand the level of interest they have to pay back and that is when they get into debt. It's not only the people on the lowest wages who get into problems, it can happen to anyone.
We're seeing more and more stories in the media about people killing themselves because they realise they can never manage to pay off these debts. It's not right and it should be stopped.
So, I for one, shall continue to throw these tempting offers in the bin - better still, I'll recycle them in my blue bin!
npriest@guardiangrp.co.uk
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