Yes Debit Cards are a good thing in many ways. Yo can shop on line which is really why they were invented in the first place! You don't have to go to your bank or ATM if it works, and withdraw cash. You can pay bills on the phone or using a computer. Yes they are a very good thing in many differing ways.
However, as more and more peeps get into the way of using plastic money then cash will slowly but inevitably disappear completely and we will become a cashless society which, of course, is the master plan. Another good game is the £200 limit credit card which peeps on benefit and with poor credit ratings may have to get them back into debt at crazy interest rates of about one third. The banks know that many will default but while peeps struggle on to keep up the payments the banks are making way enough to cover the defaults. In any case the banks actually make savings on their tax bill from the defaults. So it is a heads I win tails I win situation.
If you default a bank will try to get the money that you owe over a set time period. If this fails the bank then sells the debt to credit collection agencies at a reduced rate. £200 debt sold for £20 or less. The bank may then claim the difference between what you owed and what they sold the debt for as an allowance against Corporation Tax.
The collection agency has then bought a potential £200 for say £20 and if they can get it out of you then they make £180 profit. They have the option to go to Court but if they can't badger it out of you it is a waste of money paying Court fees and lawyers bills. The real good game is a lawyer's firm who become debt collectors. They make bundles as they can do the work "in house." If all else fails the agency can sell the debt on to a smaller agency and claim the difference between buying and selling against their Corporation Tax too.
The real winner is the defaulter with the nerve to "wait them all out" until they give up!!! That is how to get money and goods for free !!! Four £200 or £250 of these credit cars makes you a quick Grand near enough but of course you should always honor an agreement.
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