Reply to: About Time as well ...

[tim123]

Have they broken any current law

Nope, even though most people think otherwise, excessive interest rates can be illegal, but 30% pa is nowhere near a legal interpretation of excessive.

And as for the OFT investigating - the interest rate charged on a credit card is a "core feature" which (unlike penalty charges) cannot be investigated. HMG are bluffing (and I don't doubt that the companies know it).

or are they going to be hit with retrospective laws.

perhaps

tim

[Peoplesoft bloke]

I've discovered a better way of reducing my credit card debts. Pay the fecker off.

Me too - can't see why anyone would use a credit card for borrowing except maybe short term or stoozing (which I can't be rrrsed bothering with)

[AlfredJPruffock]

In the past I've used credit to get by in the bad times and paid it off in the good, seeing as Gordon is trying to make sure that no-one gets repossessed should I find myself benched I plan to load up my mortgage and get government help rather than use traditional credit.

Sounds like a plan to me.

[gingerjedi]

In the past I've used credit to get by in the bad times and paid it off in the good, seeing as Gordon is trying to make sure that no-one gets repossessed should I find myself benched I plan to load up my mortgage and get government help rather than use traditional credit.

[AlfredJPruffock]

My own method is to run up huge debts then go bust thereby reducing my debt to zero and getting loads of free stuff in the process.

The next legislation I presume will be the amnesty of all Bankruptcies from Sep 2008 onwards - fill yer boots up ladz !

[Mich the Tester]

My own method is to run up huge debts then go bust thereby reducing my debt to zero and getting loads of free stuff in the process.

Make sure you stash some money in a numbered Swiss bank account before you go bust. Alternatively, buy some gold bars in a bank in Switzerland or Liechtenstein and leave them in the safe.

[Platypus]

I've discovered a better way of reducing my credit card debts. Pay the fecker off.

My own method is to run up huge debts then go bust thereby reducing my debt to zero and getting loads of free stuff in the process.

[gingerjedi]

How else are banks going to carry on paying out massive bonuses?

Its the plebs who always pay in the end.

Exactly.

I have a mate who works for Lloyds TSB as the head of credit risk, I remember arguing with him over a law they have in Portugal where the minimum payment has to be at least 15% of the balance which seriously limits the amount of ‘revolver’ revenue they can generate.

Good idea if you ask me.

[BrilloPad]

How else are banks going to carry on paying out massive bonuses?

Its the plebs who always pay in the end.

[Doggy Styles]

I've discovered a better way of reducing my credit card debts. Pay the fecker off.

[Platypus]

Surely Credit Card companies can charge what they like? If you don't like it, don't use it.

That would be true if you didn't already owe them a few grand and no one else will take your debt for less.

On that basis, put mortgages up to 25% - if people don't like it they can sell and move out, n'est pas?

That would be fair, wouldn't it?

[AlfredJPruffock]

Surely Credit Card companies can charge what they like? If you don't like it, don't use it.

Let's have Brown regulate the price/cost of everything. It's clear the free market is not "free" and certainly not "fair".

Ah yes - the Old way of thinking - post-free market.

Times have changed Comrade Prawn.

[DimPrawn]

Surely Credit Card companies can charge what they like? If you don't like it, don't use it.

Let's have Brown regulate the price/cost of everything. It's clear the free market is not "free" and certainly not "fair".

[TimberWolf]

According to the article the shysters have a fortnight to comply.

On a related note, my (variable rate) mortgage payments have hardly changed since the BoE interest rate cuts. All I've had in the post is news about my savings interest rate being cut.

[Mich the Tester]

Seeing as most of these banks are being propped up by taxpayers’ money in one European country or another they will just have to comply, whether they like it or not.