Did you recieve unsolicited credit card offers?

The big banks use their position to target vulnerable individuals, - claims Credit Cards.com, Australia, citing a report that surveyed 1,360 people. 2 out of 3 respondents had received an unsolicited credit card offer in the last 12 months, and half had been offered an increased credit limit. One in three low-income households have received an unsolicited offer of a personal loan in the last year. And while offers of credit are spread across income brackets, it should not be offered in the first place to those who cannot afford to repay.

Bank employees are also paid on a commission, which encourages them to approve loans and credit before looking too closely at your ability to repay. Therefore, before you accept an increased credit limit or pre-approved personal loan, take a look at your finances yourself; no one knows your situation like you do.