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    Credit card clampdown at last.

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    papa_umau
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    Credit card clampdown at last.

    Post by papa_umau on Wed 05 Apr 2017, 10:49 am

    City watchdog ramps up pressure on banks with credit card clampdown.

    The City watchdog has ramped up the pressure on banks and credit card firms with a crackdown on card debts that could result in interest being scrapped for struggling borrowers.

    The Financial Conduct Authority (FCA) has unveiled a host of proposals that would force firms to help consumers labouring under long-term credit card debts, including cancelling interest or other charges for customers who are unable to clear their balances through a repayment plan.

    This comes amid mounting concern about the rise of so-called “persistent” card debts, with the regulator estimating that there are approximately 3.3m people who pay more in interest and charges than they repay of their borrowing over 18 months.

    Get the rest of the story from The Telegraph HERE




    I know that many credit card problems are just down to people having little or no discipline when using their credit cards, but it is also true that the credit card companies themselves need to be better at dishing out credit card debt so easily.

    Maybe the plans that the FCA are having will at least service some of these problems.


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    zathrus
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    Re: Credit card clampdown at last.

    Post by zathrus on Thu 06 Apr 2017, 11:08 am

    Credit cards: This is a subject that has fascinated me for a very long time.

    There are all kinds of credit cards at all kinds of interest rates and the ones that are hard to get like MasterCard and Visa have very little long-term debt put onto these cards.

    Then we come to what I call the kid-on cards where the interest rates are sky high and these cards are almost automatic for the asking as they require no stringent debt-checking procedures before they are granted.

    In fact these kinds of credit cards are more or less just payday loans which have interest rates from 100% to thousands of a percent.

    These cards are as expensive as the people who run up terrible debts are paid for the people who are able to pay the high interest rates.
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    papa_umau
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    Re: Credit card clampdown at last.

    Post by papa_umau on Fri 07 Apr 2017, 11:22 am

    Dead right Zathrus.

    I find it curious how the "loans" and cards that are available to the public get more and more expensive when that are being aimed at the already poor and poor risk types. People like myself, who have an excellent debt record can easily get the cheaper cards and loans, but the ones who shouldn't really have these are the ones that have to pay through the nose to get them.


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    Angie baby
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    Re: Credit card clampdown at last.

    Post by Angie baby on Sat 08 Apr 2017, 12:15 pm

    I think the moral behind this tale is that if a credit card is easy to get without a credit check it is not worth the plastic it is made out of.

    Low interest loans are only given to people who have a clean credit record.
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    papa_umau
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    Re: Credit card clampdown at last.

    Post by papa_umau on Sun 09 Apr 2017, 12:06 pm

    A simple but intelligent view of the ability, or not, to get a loan at a reasonable interest rate.

    Credit cards are just loans by another name, while debit cards are based on the amount of money you already have in the bank that that debit card is connected to.


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    Hell's Granny
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    Re: Credit card clampdown at last.

    Post by Hell's Granny on Mon 10 Apr 2017, 1:08 pm

    I just flat out refuse to have a Credit card. Debit card is fine for me. I can't spend what I don't have.
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    papa_umau
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    Re: Credit card clampdown at last.

    Post by papa_umau on Tue 11 Apr 2017, 11:00 am

    That is a very laudable way of thinking HG.

    Mind you there is one way to get a "credit" card without getting into more debt than you can afford, and that is called a pre-paid credit card.

    Credit cards have functions that are not always available to a debit card and these pre-paid credit cards are simply cards that have been filled with an amount of money, from your bank, that you do not want to go over.

    Just out of interest HERE is a link to a Google page that shows a number of these cards on offer from some big names.

    There are also some cards that are slightly different that work in a slightly different way: these are called "pay-as-you-go cards.

    Find them HERE

    Some of them are transaction charge free and some have a very low transaction charge.

    Just another way NOT to get into debt but still have the functions of a credit card.


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    Re: Credit card clampdown at last.

    Post by Hell's Granny on Tue 11 Apr 2017, 12:24 pm

    Interesting, I'll have a look at them.
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    papa_umau
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    Re: Credit card clampdown at last.

    Post by papa_umau on Wed 12 Apr 2017, 10:50 am

    Oh HG, and best of luck to you.


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