I would not trust any institution where money is concerned let alone a bank.
Insurance companies are probably far worse with the strokes they pull on the public. 

I love this a real debate, the simple answer is NO.

In the case you describe that is a real hardnut debtor, and not even courts or debt collectors will phase him, but you look at the other side of the coin.

Mrs Jones has credit cards small loan and she is paying everything as she should on time required payments, she regular and reliable then suddenly she loses her job, her age is against her but she tries very hard to get back to work, she is struggling to pay her bills especially her commitments, then she gets a payment plan worked out and she can pay her bills albeit smaller amounts,but she is back reiable and regular, however, she is now poorly and won't work again. so she has to retire sooner than she wanted.

credit card sells her debt to a nasty hard nosed debt collection management company for a fraction of the debt and they begin to put serious pressure on Mrs Jones whose health is not good and indeed gets worse.

it isn't the professional debtor that you described that these people go after no it's the Mr and Mrs Jones of this world, the easy targets and I deal with situations like this every day.

Financial institutions and banks should not be allowed to sell debts like that, in fact had banks and credit card companies and other financial institutions been a little more careful and stopped making borrowing quite so easy then probably we wouldn't be in the mess we are in now.

Having spent many years dealing with credit control and now helping where I can with bad debts, I know what these credit collection companies can and will do, you can tell them until you are blue in the face that you are in financial difficulties or what your circumstances are they ignore all that and keep on with the bullying, I have a very neat line in letters to these people and generally after a while they get the message.

In the last few years you couldn't go from bank to bank trying to get credit cards because any credit scoring checks showed that up, then it became so easy that you didn't need to because the first one you tried generally gave it to you, now we are all a little wiser.

My parents always told me to steer clear of debt
I did,I only bought what I could afford,it worked.

The flip side of this is if you have no credit rating then it can hold you back , my brother lived at home for some time , when it came to him moving out to rent his own house , there was no  history of him because he had paid cash for everything , the estate agent took ages to accept  him,

 

No need to worry there. Now you too, can be equal to the Royals,  They have No credit rating, as they always pay cash --  at least the government does - for them.
Best Not to have credit, but wait untill you can afford the item. It is more easily appreciated then and not going to 'wear out' as soon as the item is paid off.

That does make sense, but if you borrow, there is also the Interest to pay back as well -- If one can afford it all.