Credit facilities - a time-bomb ?

I was walking happily along Carrefour in Suntec City , when a nice-looking lady approaches me ;-

" Sir, we are giving free card for 3 years from XXX bank ? Come over there and I will process your details and card now " she smiled invitingly

I was irritated rather than taken in by such sales pitch . I use credit cards , but are cutting them to 1-2 cards now . And hardly purchase on credit now - I'd rather pay cold-hard cash . Why ?

These card providers are like angels when economic times are good - personal or global . But they shed their robes for a fire-fork & tail and put on long, black horns when times are bad . You get the idea ?

Hard-selling amongst credit card providers are legendary . I can just come home, open my mail box, and voila ! I have an envelope + card with preapproved credit given . Just sign and return the reply mail and boommzz , tomorrow I have credit ready .

Are these practises ethical ? Aren't these considered socially irresponsible ? If you're so kind when giving a card , why push people to doom when they have financial problems to pay the card balance ?

Thats just an issue . I have seen many cases of people getting summonses from card providers after many years of not getting account information . True , these account holders may be delinquent in payment - for one reason or another . So pursue them immediately, find ways to get the money . THen if by 3 years no actions taken, card providers - Just Forget it ! Consider it bad debt and write 'em off . Move On !

But no! It seems they incubate the account. Many debt-collectors will come a knocking presenting complex calculation . Debt of say $ 8000 , after 5 years becomes $30,000 ! What a ripoff ! How is this different from AH Longs ? Ah Longs will do funny things -splash,threaten , etc - but authorities will come in and voila ! Case closed .

Card companies - authorities are supporting them .
You don't pay - summons will come . Do they tell this when they push card to new users ? Nope !
Garnish your pay if you don't pay will be one action .
Writ of seizure and sales - where the sheriff of the courts will come to your place, seize your items and sell it off - will also be executed .
Still cannot pay - send you Bankruptcy orders - you cannot move practically and your life will be robotized by Official Assignee .

Meanwhile, your problems are not solved . It may go through years , and I've known of some cases where they are in debt till they die - of natural or unnatural causes . Is the debt solution settled ? No .

WHy not ? Because , the steps taken are NOT THE SOLUTION to addressing the DEBT problem. I am surprised that this was not reviewed and many years have passed and practise still continues .

WHen will we see an end to such blind ignorance ? WE're high tech and considered 1st world country - but we still follow 3rd world solution to problems !

Where do we stand ?