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  • FIRST POST
    • MSE Guy
    • By MSE Guy 12th Mar 10, 11:19 AM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: No. 10 to reveal credit card crackdown on Monday
    • #1
    • 12th Mar 10, 11:19 AM
    MSE News: No. 10 to reveal credit card crackdown on Monday 12th Mar 10 at 11:19 AM
    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:


Page 1
  • CannyJock
    • #2
    • 12th Mar 10, 12:28 PM
    • #2
    • 12th Mar 10, 12:28 PM
    Excellent news if the allocation of payment is revised across the board. Will make the credit card shuffle so much easier.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • ILW
    • #3
    • 12th Mar 10, 12:33 PM
    • #3
    • 12th Mar 10, 12:33 PM
    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
    • By wizk1 12th Mar 10, 1:02 PM
    • 901 Posts
    • 609 Thanks
    wizk1
    • #4
    • 12th Mar 10, 1:02 PM
    • #4
    • 12th Mar 10, 1:02 PM
    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.
    Originally posted by ILW
    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~
    • By ~Brock~ 12th Mar 10, 1:15 PM
    • 1,600 Posts
    • 1,519 Thanks
    ~Brock~
    • #5
    • 12th Mar 10, 1:15 PM
    • #5
    • 12th Mar 10, 1:15 PM
    .................so as to protect the idiots from themselves.
    Originally posted by ILW
    Labour voters by any chance?
  • izools
    • #6
    • 12th Mar 10, 1:32 PM
    • #6
    • 12th Mar 10, 1:32 PM
    Labour voters by any chance?
    Originally posted by ~Brock~
    Damn Right!
    Cashback Earned Nectar Points 68 Natoinwide Select 62 Aqua Reward 100 Amex Platinum 48
  • Eric Pisch
    • #7
    • 12th Mar 10, 1:34 PM
    • #7
    • 12th Mar 10, 1:34 PM
    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"
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  • Snakeeyes21
    • #8
    • 12th Mar 10, 1:40 PM
    • #8
    • 12th Mar 10, 1:40 PM
    How is this news? It wont be brought in.
    Labour wont be winning the election.
  • Premier
    • #9
    • 12th Mar 10, 2:07 PM
    • #9
    • 12th Mar 10, 2:07 PM
    Perhaps their slogan will be:

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

    I've almost a feeling of deja vu here!
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
    • MSE Martin
    • By MSE Martin 12th Mar 10, 2:14 PM
    • 8,115 Posts
    • 42,285 Thanks
    MSE Martin
    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?
    Originally posted by Eric Pisch
    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.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
    • runmichellerun
    • By runmichellerun 12th Mar 10, 2:36 PM
    • 849 Posts
    • 2,681 Thanks
    runmichellerun
    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.
    Originally posted by MSE Martin
    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.
    LBM February 2008. DFD March 2013 19 August 2011
    Debt at LBM 14,395.48. Debt Now 0
    • spaceboy
    • By spaceboy 12th Mar 10, 2:47 PM
    • 1,768 Posts
    • 281 Thanks
    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
    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?
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • 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
    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.
    Originally posted by MSE Martin
    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
    Last edited by Eric Pisch; 12-03-2010 at 4:15 PM.
    My Weight Loss Journey
    - Phase 1 2010
    - 180.8lbs in 47 Weeks
    - Phase 2 2011 - 51.6lbs Week 37 Fat Git 2 5K - 27.16's
    - Lean Muscle Gained - 4.0lbs
    - Total Loss - 236.4lbs
    This stuff will make you a god damned sexual Tyrannosaurus, just like me.
    • spaceboy
    • By spaceboy 12th Mar 10, 4:32 PM
    • 1,768 Posts
    • 281 Thanks
    spaceboy
    It is great news but Brown doesn't deserve any credit for this.
    • Paulgonnabedebtfree
    • By Paulgonnabedebtfree 12th Mar 10, 4:44 PM
    • 2,703 Posts
    • 28,940 Thanks
    Paulgonnabedebtfree
    Perhaps their slogan will be:

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

    I've almost a feeling of deja vu here!
    Originally posted by Premier
    Don't you mean:- "Sequestration, sequestration, sequestration"?
    • Paulgonnabedebtfree
    • By Paulgonnabedebtfree 12th Mar 10, 4:53 PM
    • 2,703 Posts
    • 28,940 Thanks
    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.
    Last edited by A fiend for life; 12-03-2010 at 5:15 PM.
  • ILW
    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.
    Originally posted by A fiend for life
    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.
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