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jaysay 07-11-2009 10:51

Unwanted credit
 
I think most people have Credit cards these days, I've used one for over 20 years, but have never paid a penny in interest, so I'm not a good customer for Lloyds TSB. However, it hasn't stopped them from, without any request from me, upped my spending limit to 3500 (wishful thinking on their part) It appears that the Government are now going to step in and stop this practice, and not before time. With credit card debt running at about 230 billion pounds people should be allowed to manage their own credit affairs and not be encouraged to go deeper into debt

BERNADETTE 07-11-2009 10:56

Re: Unwanted credit
 
I don't think you can blame the banks entirely for these huge debts. I have never used a credit card and although I can see the positives to them for a lot of people it is not a route I would ever choose. The problem is people want everything now whether they can afford it or not. Thus they use the plastic and find theirselves drowning in debt, hardly the banks fault.

jaysay 07-11-2009 11:03

Re: Unwanted credit
 
Quote:

Originally Posted by BERNADETTE (Post 761167)
I don't think you can blame the banks entirely for these huge debts. I have never used a credit card and although I can see the positives to them for a lot of people it is not a route I would ever choose. The problem is people want everything now whether they can afford it or not. Thus they use the plastic and find themselves drowning in debt, hardly the banks fault.

Totally agree Bernie, I do use credit cards but for my convenience, but what I was say was that Banks shouldn't be allowed to increase your credit limit a the drop of a hat like they have done over the years, some people can handle it others can't, unfortunately there are more who can't than can

cashman 07-11-2009 11:04

Re: Unwanted credit
 
same as you,never paid a penny interest wi em, last year though they reduced mine.:confused: aint bothered, but thought it insulting. another annoyance is wherever i go, assistants are always asking me- Would ya like a storecard sir, just doin there jobs i hear some say, well there job entails insulting customers without meaning too. i a few years ago said yes at a retailers i used to use pretty regular, so the assistant filled in all the bumf, after a few mins said sorry sir yer application has been refused.:( was embaressed cos was quite a few in queue, the reason i was refused was cos i have NO credit rating, meaning cos i have never owed money (Mortgage exepted) i cannot have a store card, what don't dawn on these numpties is fact i shopped wi em fer 20/30 yrs or so, now aint been near fer approx 5 years, wonder how many others have sais stuff ya as well?

BERNADETTE 07-11-2009 11:06

Re: Unwanted credit
 
Quote:

Originally Posted by jaysay (Post 761169)
Totally agree Bernie, I do use credit cards but for my convenience, but what I was say was that Banks shouldn't be allowed to increase your credit limit a the drop of a hat like they have done over the years, some people can handle it others can't, unfortunately there are more who can't than can

Agree John but the ones who can't manage their money would get credit from somewhere, there is no such thing as waiting till you can afford things to some people:(

cashman 07-11-2009 11:07

Re: Unwanted credit
 
i do use mine fer booking flights/concerts stuff off net etc, cos of the protection n fact ya have to use fer certain things, otherwise ive always dealt in cash.

jaysay 07-11-2009 14:11

Re: Unwanted credit
 
Quote:

Originally Posted by BERNADETTE (Post 761171)
Agree John but the ones who can't manage their money would get credit from somewhere, there is no such thing as waiting till you can afford things to some people:(

I think its down to how you were brought up Bernie, I was lucky my mother was a genius with money, and it must have rubbed off, she always used a saying (don't think she knew it was from Bill Shakespeare) which was, "Be neither a borrower nor a lender be" and I've certainly always used that as a yard stick, the only time I have paid monthly for anything is when its been on interest free credit and that was only once. If I need anything I save up until I can afford it, I think the thing is I can't bare to think I owe anybody money

West Ender 07-11-2009 20:44

Re: Unwanted credit
 
I'm like Cashy in that my bank reduced my limit from 5000 to 3000 because I wasn't making them any money. I use my card about 6 times a year, mainly when I feel the need for the extra security a card payment can provide, and I pay it off before any interest becomes due. I am not what they want. :rolleyes:

Margaret Pilkington 07-11-2009 21:11

Re: Unwanted credit
 
I don't let my credit card company make any money out of me........I had to take a credit card when we were travelling in Australia......Many hotels will not accept a booking from you unless you have a credit card, and the credit card was always swiped for its details when we checked in.......this was so that any damage to the room could be reclaimed via your credit card account.

I was always brought up to pay for the things I wanted, and the maxim was, if you can't pay, then you can't have it.

I could easily have got rid of the credit card when we came back from Oz, but instead I arranged to have any purchases on the card paid for by direct debit from my current account at the end of every month......so no charges.

I use my credit card where I need the additional security of the protection a credit card gives.
My credit card is for my benefit, not the banks.

MargaretR 07-11-2009 21:22

Re: Unwanted credit
 
I make money using mine - 1% cashback -never pay interest
.....I will get 50+ in January

turkishdelight 10-11-2009 19:55

Re: Unwanted credit
 
Quote:

Originally Posted by MargaretR (Post 761366)
I make money using mine - 1% cashback -never pay interest
.....I will get 50+ in January

Which credit card gives you 50 is this annually never heard of that one but great.

MargaretR 10-11-2009 20:08

Re: Unwanted credit
 
Quote:

Originally Posted by turkishdelight (Post 761974)
Which credit card gives you 50 is this annually never heard of that one but great.

The offer is no longer open to new applicants.
I do not wish to say which card it is for security reasons.
I had to spend 5000 to get 50, but by buying everything on line that is easy to achieve.
Every little helps :)- (that is not a clue to the card issuer)

West Ender 10-11-2009 20:17

Re: Unwanted credit
 
There are several that offer cash back and you can find them online. American Express was doing 5% for the 1st 3 months but I don't know if they still are. There are often income restrictions, though, and you have to pay everything off before it attracts any interest.

garinda 11-11-2009 12:12

Re: Unwanted credit
 
For booking flights etc. I applied for my first credit card twenty years ago, and chose the lowest credit limit, which was 1,000.

I always paid it off monthly, so never paid any interest.

Even though I never requested it, my limit kept creeping up. Today it's thirty times what it was originally, even though I'm living on greatly reduced circumstances, and am offically retired, and living off a pension.

If I start believing the nutters with placards, that the end is nigh, and they offer a little more proof, I might blow the lot go and on a massive spending spree.

:D

garinda 11-11-2009 12:25

Re: Unwanted credit
 
I do think the law should be changed, and that banks and credit card companies shouldn't be able to raise people's credit limit, without them requesting for it to be changed, reapplying, and the relevant checks carried out.

It's never been easier to get into debt because of easy credit. At least when we only had banks there was a limit on how much money people could get their hands on.

I've known some desparate numpties use a credit card to regularly get money out of ATM's, even though they'll be charged a ridiculous amount, and pay a higher interest rates for doing it.


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