MSE News: Government steps up credit card crackdown

SimplyUnderstand

Wondering if anyone read the plain English version of this consultation on the BIS website? If you've got any feedback on it, please let me know (I wrote it), but I'm a long time forum reader so I know how savvy you guys are!

ElkyElky

The minimum payment thing is a good idea. Since the day I started getting credit cards, I have never once paid only the minimum. I tend to pay 4x the minimum + 4x the interest charged in that month, sometimes even more.

I think they should all be forced to set it at 5% or more.

*MF*

Degenerate wrote: »

This is true, but it raises quite a fundamental philosophical point: should we all suffer restrictions because of the ineptitude of a few? I say no.

The few:

Gordon Brown

Fred Goodwin

The regulators (so called)

Etc etc ...

The ineptitude at the top far outranks anything else in terms of the economic future.

never-in-doubt

So we're no longer responsible enough to think for ourselves then? I know what, why don't the government just come up with a way to do everything for me so I just get up -> got to work -> come home -> go to bed (groundhog day).....

Sorry but in my opinion, our gvt think they know it all when really, they are a shambles and certainly not worthy of making any credible decision. If I want to get into debt, that is my problem - not theirs! If I want to pat 10% or 100% of my balance, again it is my problem!

Is Big Brother watching me now I wonder .... :hello::hello:

ElkyElky

never-in-doubt wrote: »

So we're no longer responsible enough to think for ourselves then? I know what, why don't the government just come up with a way to do everything for me so I just get up -> got to work -> come home -> go to bed (groundhog day).....

Sorry but in my opinion, our gvt think they know it all when really, they are a shambles and certainly not worthy of making any credible decision. If I want to get into debt, that is my problem - not theirs! If I want to pat 10% or 100% of my balance, again it is my problem!

Is Big Brother watching me now I wonder .... :hello::hello:

I wouldn't be surprised if they are. They are slowly removing any control we have over our own life.

Like everything, it'll come back and bite them in the a s s and of course, we'll suffer for it.

Joe_Bloggs

SimplyUnderstand hinted at the BIS website. I realised that they could not post a link.
This is the BIS page that relates to the consultation excercise.
There is a link to Simply Understand bottom right in the page.
J_B.

SimplyUnderstand

Thankyou! My fault for lurking and not posting

Joe_Bloggs

Many new forum members mention that they can't directly post links. As I have been around for some time it is first nature to post a link.

From reading around the proposals the minimum payment will be an issue with those that have really good life of balance deals.
These are only proposals and therefore just words. If these words ever make it into the law of the land then the legal interpretation of them could make them ineffective. A court case could case could be started resulting in appeal after appeal like the bank charges fiasco.
J_B.

Doc_N

Nothing at all in the consultation proposals about the problems created by credit card Continuous Payment Authorities, which most people regard as Direct Debits, but aren't covered by the Direct Debit Guarantee.

They can be extremely difficult to stop if the company with the authority keeps taking the money, and they're far more problematic for consumers than Direct Debits.

jennihen

My resolution is that, aside from not buying anything I can do without, I'm going to teach my children how to use credit effectively and only when needed, so they never get into the 'minmum repayment trap'
Credit is a tool just like a chainsaw!! Operate with caution!!!!!