Firends of mine who used to live in the states told me of all the credit card offers they used to get in the mail everyday. These would be actual creditcards ready to use. This is something that has not hit lil'ol New Zealand ... yet.
Today I open my mail and this is what I find:
- A pre-approval letter from my bank for a $15,000 loan (more if i want it).
- A pre-approval letter from a finance company for $60,000 (i have used them before a while ago).
I mean here in NZ we are used to banks automatically increasing your creditcard limit .. and you have to opt-in to opt-out of the increase ... but i found this latest round of finance options just amazing.
No wonder NZ'ers personal debt levels are skyrocketing. Lots of people would not turn down increases to credit cards etc... because so many people rely on them these days.
It almost seems unfair ... it is like giving a still to an alcoholic!