Credit Card Interest Rises Gone Too Far - will they reduce?

imoneyop

MIDLANDER wrote: »

defend the fact people who pay on time get punished.

You're using the bank's money to fund a lifestyle that you can't afford. You aren't paying on time, if you were you wouldn't be charged any interest. Banks are there to make a profit for their shareholders not to be a charity to fund your holidays and plasma TVs, and have decided that you don't make enough profit for them. If you don't like it then you should have

1. refused the rate increase and paid off your account at the lower rate, or
2. taken out a card with another company at a lower rate to transfer the balance to.

MIDLANDER

gb12345 wrote: »

Wow, you've managed to find an 8 year old article to quote to back yourself up?

Well derr, thats when i started running up legal costs and subsequently debt.

Of course, this sort of lending would never happen now

http://www.which.co.uk/news/2013/03/which-calls-for-crackdown-on-irresponsible-lending-312354/


NEXT!

YorkshireBoy

Ok, so your debt was run up trying to help family.

That's admirable, but you must still be using the credit cards, or at least want to retain that option?...otherwise why would you CHOOSE not to act on any of the (at least) 5 letters received this year telling you that you could stay on the old interest rates if you agreed to stop using the cards?

I'm afraid whilst the new regulatory framework on consumer lending does help the consumer (rate increase opt out, positive payment hierarchy, ability to opt out of automatic limit increases, etc, etc) it still does not give the consumer the right to have his cake and eat it!

opinions4u

Opinins4u gets off insulting people

So are you going to clarify what brings you to this conclusion from the posts I've made?

Or do I get an apology?

bengal-stripe

On the one hand you used the money to fight for your kids. So, a lot of credit and high limits must have been a God-sent at this point in time.

On the other hand, you accuse the banks of 'irresponsible lending'. Had the cards been tight and you would have had no money to fight for your kids, you might have lost them for good.

What is it? Was it a good or a bad thing that you had the Credit Card's money available at this point of need? Is it better to be in debt with your children or would it be better to be debt-free without your children?

Obviously the banks can't win. It seems to me, however events would have turned out, you still would blame the banks.

MIDLANDER

bengal-stripe wrote: »

On the one hand you used the money to fight for your kids. So, a lot of credit and high limits must have been a God-sent at this point in time.

On the other hand, you accuse the banks of 'irresponsible lending'. Had the cards been tight and you would have had no money to fight for your kids, you might have lost them for good.

What is it? Was it a good or a bad thing that you had the Credit Card's money was available at this point of need? Is it better to be in debt with your children or would it be better to be debt-free without your children?

Obviously the banks can't win. It seems to me, however events would have turned out, you still would blame the banks.

Although already answered - the money prolonged the agony. As soon as all lines of credit ended - i stopped fighting. The mother then threw them out and admitted she did no want them - just wanted me to lose everything.

I have my kids now, but i wasted a lot of money fighting for them and don't have much now - as i'm paying off my debt - because my principles tell me thats right. I actully have a CRT TV - Plasma, i wish.

But again - what as this go to do with them raising rates from 21% to 37%. Its that whats making me think "whats the point". Again - im only THINKING it. Happy to be talked in or out - but not judged - when people don't know me OR other factors i can't be bothered covering with such people.

MIDLANDER

YorkshireBoy wrote: »

Ok, so your debt was run up trying to help family.

That's admirable, but you must still be using the credit cards, or at least want to retain that option?...otherwise why would you CHOOSE not to act on any of the (at least) 5 letters received this year telling you that you could stay on the old interest rates if you agreed to stop using the cards?

I'm afraid whilst the new regulatory framework on consumer lending does help the consumer (rate increase opt out, positive payment hierarchy, ability to opt out of automatic limit increases, etc, etc) it still does not give the consumer the right to have his cake and eat it!

Yeah, but with Opus in particular - it was done on 4 stages. So 4% extra 1st time, not happy but i can live with it. 2ND rise ouch, but surley thats it. Then 2 more.

If i had got a letter stating we are increasing from 21% to 37% - i would have had to say no. Agree now though - even with the increases - its probably a good idea to close em.

Can you close at the current rate - and pay off - or was the offer to close part of the rise - and now you must pay off FIRST- then close?

MIDLANDER

opinions4u wrote: »

So are you going to clarify what brings you to this conclusion from the posts I've made?

Or do I get an apology?

You attacked/ blamed me without any insight / empathy. If you think my prorities - ie my children - are wrong, then your not really the sort of person i would want to talk to.

But my conclusion was based on a quick flick through your other posts. Stupid, stop acting like a child etc etc seem to be a common theme.

Tiddlywinks

Let's get back to basics.

How much do you owe over how many cards?

Are you now struggling with the monthly repayments?

Are you saying you are now happy to close the accounts?

How much do you want / need to preserve your credit worthiness?

All of these things will influence the way forward.

Above all though, you need to take a step back and understand that the banks are businesses... they have not set out to personally cause you any harm or distress.

Take away the emotion and stick with the cold hard facts.

dealer_wins

Wow, we have a poster who is digging a lot deeper than most!!