Comments on: The credit card cancer

By: g7uk

g7uk — Mon, 06 Jul 2009 17:45:08 +0000

It’s really sad and I would go as far as to say evil putting so much temptation in front of people. A couple of years ago a friend of mine was 24, worked in a call centre doing computer support, and had £40,000 of debt. None of which was mortgage or university related. He said at one point he had enough credit on a card to buy a brand new BMW. Now that he has grown up a bit he regrets it and sees how silly he was.

Also student course fees are a terrible thing. They are another way in which young people are being conditioned to think of massive debt as ‘normal’.

By: Jim Flavin

Jim Flavin — Sun, 05 Jul 2009 18:08:01 +0000

Dead on – anyone who uses credit cards as a means of credit needs their head examined – the interest rayes are sky high – they are 2 b used like a cheque book – and cleared every month – otherwise – disaster – and if people opt to destroy themselves [ at the banks behest ] – it is the credit card holder who is ultimately reponsible .

By: Charlie

Charlie — Fri, 03 Jul 2009 19:15:15 +0000

Spot on Anthony! how very true. The government likes to wave about an image of irresponsible people buying 50′ plasma TVs etc on their credit card. My council tax has gone up 120% since Labour came to power , and my private pension which I paid years into vanished into thin air. Am I suppose to get money off trees to replace all that ? when my flexible friend
provides a temporary fix?

By: Kes

Kes — Fri, 03 Jul 2009 07:14:59 +0000

Ultimately, it is the individual’s responsibility to look after his/her own finances. Liberty demands that. I wonder how many people whose credit limit was raised wrote or phoned to complain.

I suspect the real problem is that our dismal education system produces tens of thousands of youngsters with no mathematical ability to manage their finances and resist the lure of instant possession of goods. This will take a generation to fix.

In the meantime, the only fix is to impose low limits, related to net income, on credit on all cards. Maybe cards should not be available to anyone under 25? The world worked for centuries on cash, which cannot be so readily borrowed. Maybe they should only be issued against savings history and subject to a savings floor?

By: J Glencross

J Glencross — Fri, 03 Jul 2009 04:21:50 +0000

The government should shift the bulk of accountability onto the banks as much as possible but at the same time those that find themselves entrenched in debt should pay closer attention to their credit accounts and possibly, just possibly think about living with in their means.

By: Lia

Lia — Thu, 02 Jul 2009 20:27:20 +0000

I too have been offered unsolicited increased credit. So the 20% is probably a low estimate. Recently Barclays closed one of my accounts in error and then charged me overdraft fees for spending my money. Clever stuff. It’s all been refunded but only after an hour’s phone call and demanding that charges due to be levied in error could be refunded before they reach my account. The financial crisis needs to bring back first principles – the customer of the bank is the customer, and not the bank.

By: Alan

Alan — Thu, 02 Jul 2009 17:01:00 +0000

When I was a student my credit card limit was raised from £500 all the way up to £1200 over the course of a few years without me ever asking for it to be increased.

Years later, after I had been pulling in a decent and steady income for over two years I called up the bank and asked them to raise my limit by £300 and they refused on the grounds that my account was still a student account.

I’m not sure how the system works, but I think it might involve flipping a coin.

By: Dan Ehrlich

Dan Ehrlich — Thu, 02 Jul 2009 17:00:50 +0000

Since we live in a free market,, whether we like it or not, the will of the people should also be free. Just because a bank ups your plastic limit or gives you cheques doesn’t mean you have to use them. It’s called free will and choice. You are assuming most credit card debtors are incapable ot intelligent free choice.

On the other hand, we live in a world where vendors have dismissed most or all responsibility and accountabilty. They have passed these on to consumers. So, when a bank or membership club, unannounced changes the terms of your agreement with them, its up to you to know and to act otherwise you may be charged for something you had no idea you were buying.

By: Saltaire Sam

Saltaire Sam — Thu, 02 Jul 2009 12:50:44 +0000

Why do we need legislation? Is this an admission that the banks have learned nothing from the recent debacle? Extending excessive credit on cards to people who can’t afford it is no better than sub prime mortgages.

By: Anthony Martin

Anthony Martin — Thu, 02 Jul 2009 12:20:57 +0000

It’s always been in the political interest of the current governing party to maintain or, ignore the credit mess. All the time statistics can be manipulated, in order that the economy looks ok, via a public spending what they don’t own (and probably spending just to pay their exstortionate bills like Rates, water, elec, gas TV, etc. etc.) is very convenient to hoodwink a gullible public.
Trouble is, it eventually shows, as is the case now. More injections of faulseness will no doubt to pumped in to feed the media lies & cover-ups.
The only people suffering as a result of the credit nightmare, are those in debt. Obviously, there are always those weak individuals lavishly pampering themselves & their darling offspring with credit but, they’ll eventually learn!