MSE News: No. 10 to reveal credit card crackdown on Monday 12 March 2010 at 1:19PM in Credit cards 69 replies 5.7K views

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Gordon Brown will announce next week that consumer finance will be at the centre of Labour's election manifesto – including a crackdown on irresponsible credit card lending ..."

Read the full story:

No. 10 to reveal credit card crackdown on Monday

CannyJock

Excellent news if the allocation of payment is revised across the board. Will make the credit card shuffle so much easier.

ILW

Probably be the same sort of stuff that makes life a little more difficult for the sensible borrowers, so as to protect the idiots from themselves.

wizk1

ILW wrote: »

Probably be the same sort of stuff that makes life a little more difficult for the sensible borrowers, so as to protect the idiots from themselves.

Not to mention the poorer deals we'll be seeing in future. I am confident that the 1% cashback on my Egg Money card will soon disappear to make up for the lost revenue.

~Brock~

ILW wrote: »

.................so as to protect the idiots from themselves.

Labour voters by any chance? :T

izools

~Brock~ wrote: »

Labour voters by any chance? :T

:T:rotfl::beer: Damn Right! :beer::rotfl::T

Eric_Pisch

Great so the only way to get this is vote Gordo the Fiscally Incompetent Clown back into power

Why Wait, Why not bring it in now?

Its a price to high to pay ...

"no more boom and bust" :rotfl::rotfl::rotfl:

Snakeeyes21

How is this news? It wont be brought in.
Labour wont be winning the election.

Premier_2

Perhaps their slogan will be:

"Tough on debt, tough on the causes of debt"

I've almost a feeling of deja vu here! :cool:

MSE_Martin

Eric_Pisch wrote: »

Great so the only way to get this is vote Gordo the Fiscally Incompetent Clown back into power

Why Wait, Why not bring it in now?

Hi I thought I'd explained this in the note with

"It seems agreement has been reached with the finance industry to enable major rule changes without legislation. This is good news as it means these will happen regardless of the general election result."

But to make it clear I've amended it to...

"It seems agreement has been reached with the finance industry to enable major rule changes without legislation. Its likely to be similar to the credit card summit changes of December 2008, which created a binding agreement which if any card companies broke could be challenged and compensation awarded by the Ombudsman."

"This is good news as it means these will happen regardless of the general election result."

Which I hope makes it more clear.

runmichellerun

MSE_Martin wrote: »

Hi I thought I'd explained this in the note with

"It seems agreement has been reached with the finance industry to enable major rule changes without legislation. This is good news as it means these will happen regardless of the general election result."

But to make it clear I've amended it to...

"It seems agreement has been reached with the finance industry to enable major rule changes without legislation. Its likely to be similar to the credit card summit changes of December 2008, which created a binding agreement which if any card companies broke could be challenged and compensation awarded by the Ombudsman."

"This is good news as it means these will happen regardless of the general election result."

Which I hope makes it more clear.

I was just about to say that the article clearly states that this will come in regardless of the election result. I was beaten to it by Money God though

I don't see how this can be a bad thing. I feel that I am quite money savvy but I still sometimes miss important small print items that could have a quite major effect on my finances.

These things should be made clearer, and I'm glad they will be.