Credit

**Sp00k** · 01-14-2007, 02:55 AM

Well the way the interest rates are going up I feel sorry for anyone trying to get on the housing ladder. Virtually impossible to afford one these days.

Sparky_MarkyUK · 01-14-2007, 03:02 AM

Combination of expensive to rent a flat and the all the other costs... Never had to use my credit card before I came here, now I've got two on the go

**Sp00k** · 01-14-2007, 03:13 AM

Ouch! I don't have any..I learned form my first marriage as they are to handy and very easy to fall into a very deep hole. I just have a debit card for my bank account only.
Sure I can have credit but you know there are so many companies wiling to let me have up to £5000 it would only take a couple of months to drum up a big mess and an ever bigger headache.

wIggy · 01-14-2007, 03:18 AM

I am slowly but surely eliminating my revolving debt (credit cards) and it's quite liberating. Few things are able to bring a more evil grin to my face than when I tell the person @ the credit card company I'm not interested in any offer they have for me, I just want to get rid of the card. They try so hard to reel me back in with lower interest rates and waived membership fees, and I just tell them "no but thank you" and once we hang up the phone, the card goes in the shredder and I have a little miniature celebration inside me.

**Sp00k** · 01-14-2007, 03:42 AM

It brings out the greed in all of us and the temptations are so ridiculously easy to fall into peoples self control loses control completely.
I can understand some companies offering a credit card but they should be offering something within a persons budget and limitations and any subsequent company giving offers should check to ensure that the person they are offering it to have no existing credit and if so to only offer within thae credit limititation of the individual.

e.g. If you income allows to be able to have £10,000 credit and the first credit card company offers you £5,000 credit the second company should only offer you up to the same amount and should be able to check through a credit agency of some kind to see how much credit/debt the person is in before the card or credit limit is sanctioned.

I see young kids today with about 10 credit cards in their wallets.

That really upsets me and to cap it all shops ae vying with each other with the buy now pay later and interest free sales giving people ample opportunity to fall victim to their tactics.
Its alright checking peoples credit histiory/rating but no-one is checking the individuals credit limit.

Sparky_MarkyUK · 01-14-2007, 03:58 AM

I only got a credit card as an emergency for when I was stuck without cash or my debit card, though just to afford my life now I was having to use my card alot more, and as such I had to get new cards so that I didn't pay alot in interest.

I'm very rarely using the cards now, but it's getting the money off them that is tricky, the money I pay in rent would clear my cards in 3 months easily (and the money in council tax, bills etc)

**Sp00k** · 01-14-2007, 04:07 AM

What some people do is get one big loan to pay off their debts, Thias brings it down to one payment at a rate they can afford. Sadly it has its pitfals too, its a long term payoff and the overall interst can be horrendous. Really its just acushion to lessen the burden of your weekly outgoings.

Credit is ok if the individul can balance the books and use it in moderation. I mean buying a house is on credit but the difference is a house is a necessity but that doesn't mean you go out a buy a house you can't afford.

Hell the mortgage lenders wouldn't allow it anyway as they would know if its within your credit limits. All i'm saying is its a pity the credit card companies and shops that offer it aren't doing the same kind of background checks. That is assuming theses checks are allowed and not seen as a breach of security or intrusion of human rights or indeed the data protection act.

Whatever is the standard law is it needs tightening up and regulated.