Supreme Court Judgement Ruling For OFT Test Case
This was all over the news yesterday with lots of journo’s getting worked up about the fact that the ruling went in favour of the banks. This is the case of unfair overdraft charges that the banks have been applying to consumers’ bank accounts.
My personal opinion is that when I had little or no money, I would from time to time stray into my overdraft, and occasionally exceed my overdraft, but I always accepted the charges on the chin – it was my own fault for not managing my money better.
I do however think that the banks are profiteering from their consumers’ misfortune (or lack of self discipline depending on your point of view) and they should really rethink how much they charge for exceeding overdraft limits and so on. I also think there should be more advice to young people on how to manage their money such that they don’t need an overdraft. I know it’s taken me a long time to really understand how to handle money, and it’s not come easily, I’ve read countless books on personal finance, and I still think there are things I could learn.
However, what I will say is this, had I had a formal education into how to handle money whilst I was still at school, I would never have needed an overdraft or a credit card when I was an young adult. Perhaps if there was more education on how to handle money, and a more responsible attitude by both consumers and bankers, then this whole issue would not be so prevalent.
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