Banking! I can feel your heckles rising already. It is a complicated issue with many factors, but one Ive been considering from the viewpoint Its expensive to be poor. 1) Banks will take payments from an account before adding on that days receipts. It is possible to bounce £50 of payments and end up with a £60 balance before the banks open at 9am. 2) Banks will make charges, and charge interest on money you do not have. They will happily bounce a £12 TV licence, and then charge you £35 costs, put you into unauthorised overdraft, and start charging you accordingly I know that one argument is Manage your money better and to a certain extent I agree, however its part of a larger system that puts those less well off at a disadvantage. Utility companies and others will offer you a better deal to sign up to direct debits. Councils will suspend benefits for minor clerical errors. People lose jobs, take holidays, have unexpected bills, end up in hospital, there are a million reasons why you can take your eye off your financials for a second, and like an unruly toddler, suddenly find yourself in a worrying scenario. Do we need better legislation to protect the vulnerable from spiralling charges from banks and other institutions which only serve to make a bad situation worse?
Posted on: Sun, 21 Sep 2014 15:35:39 +0000
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