credit cards

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Permalink Reply by John E Pallister on October 27, 2009 at 9:40pm

Hi David,
The Government are probably keen to avoid the spending/borrowing spree that nearly gave us the conditions last year for monitory-meltdown, if it hadn't been for the qick reactions of the various Governments supporting and putting the squeeze on the banks to control them, then goodness knows where we would be today !!

Cheers

John

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Permalink Reply by Margaret Goodwin on October 27, 2009 at 9:59pm

Although we have been encouraged to believe that the credit crunch is all down to the out of control sub-prime mortgage vehicles in the US, most of us know that we have been living 'high off the hog' for too long. Luckily for me, I have no debts but I did my share of 'big spending' over the last eight years......if the government are making the banks tighten everyone's belt, it is not a bad thing, although it will be painful at first. The down side of it is that it will discourage spending in the high street, at a time when companies are desperate for sales to keep themselves afloat. It is a balancing act, and a delicate one, which will take maturity, experience and patience......no quick fixes, no return to the days of reckless spending.

Doubtless, this will make some people throw their toys out of the pram - but they'll have to get used to it, perhaps it will help them grow up.

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Permalink Reply by david alan moore on October 27, 2009 at 10:18pm

Hi Margaret, i agree with what you are saying about the use of credit cards, the point i was trying to put over, is
that it is becoming desperate some people to have to use these credit cards to buy food, after all these card were
intended to be used, to buy items that you could not pay for in one go, like TVand home furnishings.
Cheers david Alan MOORE.

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Permalink Reply by david alan moore on October 27, 2009 at 10:29pm

hI John, do you realy think the banks are going to take any notice of the goverment, telling them to cut back on
the way they allocate the amount of credit to there customers, i dont think so, as they make to much money on
the intrest they make on the credit cards.
Cheers David Alan Moore

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Permalink Reply by Cowboy on October 27, 2009 at 11:08pm

David this is a double edged sword. A credit card is a must if you order anything over the Internet because you are covered if anything goes wrong. With a debit card you have no such protection. My max is £2000 and I pay mine off by direct debit so I never miss a payment. The trouble is that not everyone is sensible,
I feel that you should have been approached and offered the increase so that you decided Yes or No.
I use the Internet a fair amount for purchasing goods and Nationwide has a double back up with their credit cards. OK it means you have to punch in more codes and passwords but I can live with that as I feel safer.
PS are we going to see Bashful as your avatar ? --- Hank

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Permalink Reply by david alan moore on October 28, 2009 at 12:35pm

Hi Cowboy,i agree with you , credit cards are a must if you are ordering goods on the internet, as a cover if
anything goes wrong.i was approached by an other company, that offered me a limit of £1,000 i took up,
as like you i do order items on the internet, and know this is the safest way of doing it.
PS, wait and see if i am going to use BASHFUL as my avatar?.
David A Moore

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Permalink Reply by Margaret Goodwin on October 28, 2009 at 2:27pm

You're absolutely right David, they are dangerously tempting - and especially for the poor. I was listening to something on the radio this morning to do with credit card interest and Martin Lewis, who does the Money Saving Expert.com, was explaining to a Commons committee how the 'typical' interst rates are completely misleading.
I would not accept a credit card at any interst rate. The pre-paid plastic Visa/Mastercard work in the same way and you can't go over your limit or forget to pay on time. If you have not pre-loaded it with the amount you want to spend.....tough!
I also heard, on another programme, that massive mortgages will be back shortly and that the FSA - supposedly strengthened and with teeth - will not prevent mortgage brokers from arranging loans without proof of income. Here we go again!

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