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DebtSafe Reveal Depth Of Reckless Lending

DebtSafe is a nationally operating debt counselling firm with thousands of debt review clients. They have just released an interesting report on the state of reckless lending which shows that as much as 40% of all the credit accounts they have looked at recently may be reckless.

Reckless Credit is Illegal

Reckless credit is credit granted illegally to consumers who do not understand their obligations, do not receive all the information about their obligations or cannot afford to realistically repay the credit.

Credit Providers can be heavily fined for granting credit recklessly and consumers can in some cases have their recklessly granted debt written off.

DebtSafe Reckless Lending Indicator

DebtSafe reviewed thousands of clients cases over the last quarter and of the over 5000 accounts they looked into over 2000 appear to be reckless in one way or another.

You can download the Report here:

DownloadThe-Debtsafe-Reckless-Lending-Indicator_April-–-July-2018

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Reckless Lending and You

If you would like to know exactly what Reckless Lending is and how you may benefit from having a Debt Counsellor look into your accounts, be sure to read this month’s Debtfree Magazine on the topic.