Press Release Summary: According to the industry officials, Barclays has been sending letters to the consumers and promoting that they should take cash advances if they are not able to pay their bills on their own. This is being commented upon as a very irresponsible act as the borrowers will be stuck deep in debt this way.
Press Release Body: The credit card giant Barclays, has been recently branded as "irresponsible". This has not been done by any competitors but by industry officials who have been watching the conduct of the company.
There are claims that the card provider has been sending out mails to the customers which encourage them to withdraw money from their credit cards so as to buy what is required and fulfill their needs. The officials add that in the current time that the country is facing recession to a great extent and debts are growing, this may seem like a good solution for the short term but this could send the consumers even deeper in to the problem in debts.
This may seem like a good way for the borrowers to fulfill their requirements. However, these cash advances are accompanied by high interests and fees which can create further problems for the borrowers.
One official stated, "This is one of the worst periods that everyone in going through, from lenders to borrowers. People have started to struggle for the payment of their bills. In such a time, this kind of a letter from the credit card provider is highly irresponsible behavior on their end. They are simply giving bad advice to the consumers by promoting them to take up money for simple needs through the cards. This has made cash advance seem like an everyday activity which is totally wrong. The company might find this good for them but they have to think about their customer as well."
Another official from the industry added, " If you have to depend on your credit card for paying small bills like newspaper and a cup of coffee, then this surely means you are in financial trouble. This problem is best dealt with through other ways which are available. The customers should not be encouraged to take up this step at all."
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2022
