Debate House Prices
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Pay off your debts
pqrdef
Posts: 4,552 Forumite
Cameron is going to say we should pay off our credit cards to help the economy.
Go figure.
Go figure.
"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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That is so you have more cash available to pay for the imminent tax increases required within the next 6-12 months needed to pay for the hundreds of billions they will need to plug the banks holes even with you having paid off all your personal debt.Not Again0
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Makes perfect sense.
Pay off your credit cards, and you will have more cash to spend, quicker, due to lowering interest each month.
Don't pay them off, and they will take more and more money in interest, therefore taking more of the populations wages.0 -
1984ReturnsForReal wrote: »That is so you have more cash available to pay for the imminent tax increases required within the next 6-12 months needed to pay for the hundreds of billions they will need to plug the banks holes even with you having paid off all your personal debt.
But what about the poor old banks? How will they make up the losses they will incur if we all stop paying our 29.7% APR interest?
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
Spot on Graham. Why would we not want to pay it off anyone. Unless its for stoozing.Work in progress...Update coming July 2012.
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I pay off all my credit cards every month. Was the economy saved ?
Is there more to this cunning plan ?
J_B.0 -
How will they make up the losses they will incur if we all stop paying our 29.7% APR interest?
MBNA is withdrawing from the UK credit card market (own branded cards).
Along with transfer of Egg to Barclaycard those 0% transfers are going to be harder for people to find.
So better margins on less lending it would seem.0 -
Maybe Cameron hasn't noticed, but some sections of the economy are sustained almost entirely by consumer credit. Nobody would buy their stuff at all if they didn't buy it on the never-never."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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Thrugelmir wrote: »MBNA is withdrawing from the UK credit card market (own branded cards)
O !!!!!!, I have a 0% deal with MBNA until December, I was hoping to blackmail them into extending the deal...
TruckerTAccording to Clapton, I am a totally ignorant idiot.0
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