Just a few lines that pop up in pieces about the mooted changes to credit cards terms.
A large chunk of the British population has proved itself to be untrustworthy when it comes to credit, and credit card companies have encouraged us to borrow more than we can afford. If we can\’t be disciplined about the way we use credit cards then it is necessary for the government to do it for us.
Ooooh, yes, children who need Nanny.
\”Sure, there was much over-borrowing but there was over-lending too. Why should the borrowers be penalised?\”
The proposal to ban card issuers from increasing a borrower\’s credit limit without their consent follows recent research from uSwitch showing that over the past year this has happened to an estimated 5.7 million consumers.
The government said it was concerned that consumers did not have enough control over how much they could borrow, and wanted them to decide for themselves \”the amount of credit they can responsibly access\”.
I quite literally do not know what to say here. But, but, but….they\’re going to make it illegal to ask \”would you like to borrow some more money?\”