MSE News: No. 10 to reveal credit card crackdown on Monday

spaceboy

Gordon Brown - 13 years late...

What a twit, honestly all he's saying is he's going to start repairing the damage that he's let happen for all these years.

Premier_2

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

A senior political source at number 10 has just told me that early next week a series of lending clampdown announcements will be made.

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

Is is just me, or does anyone else feel this doesn't exactly sound like a good election manifesto basis?

carolt

I think it sounds a cracking good start - well done Gordon.

With base rates at 400 year lows, credit companies can hardly justify rates near record highs; they're coining it, and it is the little people who suffer.

The rules should be revised so that taxpayers bail out the banks only once through their taxes; not again through their credit card rates.

Currently mortgage rates are very low - non-home-owners or those who have paid off mortgages or are on fixed rates do not benefit from this, though.

These measures benefit everyone - except the banks.

Less bonuses, maybe?

Ho hum. They'll cope.

Eric_Pisch

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.

Brilliant news thanks Martin for all your work on this.

Time to hit the cowboy clampers


oh and if you come back here, thanks for changing my life, see the sig :beer:

spaceboy

It is great news but Brown doesn't deserve any credit for this.

Paulgonnabedebtfree

Premier wrote: »

Perhaps their slogan will be:

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

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

Don't you mean:- "Sequestration, sequestration, sequestration"?

Paulgonnabedebtfree

Seriously though, I am mightily relieved that the higher repayment percentages seem to have been shelved. My situation is difficult but I am picking my way through it with frugal living. Any largeish hike in minimum percentage repayments would have turned a tricky (but manageable) situation into a DMP, IVA, or even a BR for me. I am gradually pushing up my income by working harder and longer hours (I'm self-employed). I won't be on minimum payments with the occasional top-up forever but I don't need any substantial increase in my compulsory outgoings for at least a year (maybe two). I'm fortunate in that I grabbed decent LOB deals on most of my CC debts when they were on offer so at least even a minimum payment is eating into the capital too.

A_fiend_for_life

How does this help people who are so close to their limit and forced to spend and accept at the new rate? Many people are in this situation. Changes of 2 or 3 % are understandable at times but where 10 and 15 % is applied the old spend should be kept at the old rate.

ILW

A_fiend_for_life wrote: »

How does this help people who are so close to their limit and forced to spend and accept at the new rate? Many people are in this situation. Changes of 2 or 3 % are understandable at times but where 10 and 15 % is applied the old spend should be kept at the old rate.

Anyone who is forced to keep on spending and adding to their CC debt is just getting into more trouble and needs to address other things in their life.

worldtraveller

IMHO this is just more election inspired, nanny state, political intervention, to aid, largely, the increasing number of incompetent, plain foolish, or just plain greed induced sheeple that are totally incapable of taking control of their own finances without more Government legislation.

The losers, as usual, will largely be those that can and do!