Gamblers who use Credit cards no more likely to default.

Over the last 12 months many larger banks have indicated that they have experienced defaults or ‘bad loans’ as part of the credit card side of their business. When a bank raises the interest rate of a particular product, it is in direct relation to the risk associated. For example, a loan product targeted to a large business with many assets and an excellent credit history will carry significantly less risk and therefore less interest than an unsecured credit card to an individual.

Recently HSBC denied that customers who use their credit cards to gamble online or at high-street betting shops are more likely to accrue big debts and default.

A HSBC spokesperson said “We have not seen that as part of our customers’ behavior”

HSBC has however, made a decision to more