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    (Original post by rajandkwameali)
    I'm saying that there has to be a problem somewhere, given how much debt there is.
    Whats the 'right level' of debt?
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    People need to stop blaming banks for all their problems and take some personal responsibility for once. You want to spend more than you have, get into debt and end up losing your house? Fine, but don't expect the banks or anyone else to be sympathetic to your 'plight'.

    I quite like my credit card. I bung everything on it, enjoy the consumer protection it affords, pay nothing for 30 days (so money still accruing interest in my account) and then simply pay it off in full at the end of each month. Actually saves me money. The only people who are at risk are idiots who spend more than they have, then claim it was bank's fault for giving it to them. Credit cards are fantastic assuming you're not a complete moron.
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    (Original post by nexttime)
    Why not? Change the law...?

    EDIT: hang on, that law seems to be referring to the responsible handing out of credit - why would a debit card need to be covered by that?

    I maintain that credit cards achieve nothing but ruining the finances of the unaware.
    Perhaps I should have been more specific - the protection that I was referring to comes from section 75 of the Act, making credit firms jointly and severally liable for any breach in the contract with the trader from whom you purchase goods/services.
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    (Original post by nexttime)
    Why should they be kept at all then?
    Some things can only be purchased with a credit card etc, that's why
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    (Original post by rajandkwameali)
    who is to say it's only "some" people?

    UK consumer debt is over 100% of GDP. So it's only a handful of persons who have, or are contributing to, this debt?
    rrriiightttttt....

    So thats credit card debt pretty much all of it right? Mortgages are only like 5-10% of that then?
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    (Original post by princessnavi22)
    Some things can only be purchased with a credit card etc, that's why


    like what?

    Sorry I'm a bit of a thicky I kinda thought you could use a debit card in any situation you could use a credit card!?

    durrrrrrrrrh is me!
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    (Original post by princessnavi22)
    Some things can only be purchased with a credit card etc, that's why
    :confused: I'm aware of no such things. A debit card always suffices... please inform me what i cannot buy!
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    No they are useful provided you use them sensibly.
    Greater security than a debit card and you can just use them for the interest free period.
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    I don't think they should be banned. There are many perks to using credit cards and many people use them responsibly.
    However i do think that banks should be more careful about handing them out.
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    (Original post by Illusionary)
    Perhaps I should have been more specific - the protection that I was referring to comes from section 75 of the Act, making credit firms jointly and severally liable for any breach in the contract with the trader from whom you purchase goods/services.
    Again, I fail to see how this law is incompatible with debit? (also don't really understand the situation under which the procedures described in the link would be enacted).
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    (Original post by nexttime)
    Why should they be kept at all then?
    They give you great security if the company you bought something off went bust/ did not deliver compared to a debit card
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    (Original post by crazylemon)
    They give you great security if the company you bought something off went bust/ did not deliver compared to a debit card
    I don't see why a credit company is obliged to cover that whereas a debit company is not.
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    Only to those who misuse them. So if you have a bad credit rating you are banned from one anyway, until it improves. Simple.
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    (Original post by rajandkwameali)
    who is to say it's only "some" people?

    UK consumer debt is over 100% of GDP. So it's only a handful of persons who have, or are contributing to, this debt?
    A vast majority of which is paid off on time (and as another poster has said, a small percentage of that debt is on credit cards).
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    (Original post by nexttime)
    I don't see why a credit company is obliged to cover that whereas a debit company is not.
    Because with a debit card it is just coming out of your bank, like handing over cash, same security

    Whereas credit card companies have to provide this service, part of the law.

    Also you can make use of interest free period/offers to make money out of a credit card, no one is going to do this for a debit card.
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    (Original post by cactus kid :))
    I don't think they should be banned. There are many perks to using credit cards and many people use them responsibly.
    However i do think that banks should be more careful about handing them out.
    This!

    Banks give out credit cards and overdrafts like nobody's business! They have done this to my mum and she has only just managed to get herself out of the financial mess she's been in for 10 years (Long story, wayward father etc etc)

    The banks have a lot to answer for imo
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    (Original post by nexttime)
    Again, I fail to see how this law is incompatible with debit? (also don't really understand the situation under which the procedures described in the link would be enacted).
    It's perhaps not theoretically incompatible with debit cards, but if the scope of the Act was expanded in this way, it would probably lead to many banks being less willing to issue debit cards, as well as provoking a protest from debit card issuers. There's a substantial difference between the services of providing a bank account and providing access to credit, and there's already a lot of discussion about the potential end to free banking (following the 'unfair' bank charges cases) - this would only make it more likely.

    As for when s75 CCA would be in point, one example would be if you pay for a service but the provider goes out of business before you receive the service. Alternatively, you might buy an item from a website and pay on credit card, but not receive your purchase. In either example, you could then reclaim the amount paid from your credit card company instead of from the trader.
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    (Original post by Laurah5498)
    This!

    Banks give out credit cards and overdrafts like nobody's business! They have done this to my mum and she has only just managed to get herself out of the financial mess she's been in for 10 years (Long story, wayward father etc etc)

    The banks have a lot to answer for imo
    Oh god i know, banks hand out overdrafts like sweeties!
    I went in the other week to ask for a £100 overdraft and the bank kept trying to get me to make it £1000!
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    (Original post by Laurah5498)
    This!

    Banks give out credit cards and overdrafts like nobody's business! They have done this to my mum and she has only just managed to get herself out of the financial mess she's been in for 10 years (Long story, wayward father etc etc)

    The banks have a lot to answer for imo
    Like I said to the other person I dont agree nor disagree with this I have problems getting credit, as does parents, as does some friends but thats due to our income so its one of those areas which is grey, because we are poor then of course we cant afford to pay much back but at same time means we need the cash more but cannot get any!

    My friend needs to borrow some cash for a deposit, between £100-£600 (because of also needing to pay rent in advance) he is good at paying cash back but could only afford £10 a week and when he had some extra the odd £50.
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    (Original post by cactus kid :))
    Oh god i know, banks hand out overdrafts like sweeties!
    I went in the other week to ask for a £100 overdraft and the bank kept trying to get me to make it £1000!
    Is that a student account otherwise I dont think that would happen normally unless you have a good job, I only got offered an overdraft after I worked and literally had £2000 saved up(took about 2 years to save that much) then they offered me £3000 overdraft! then I had to spend the money as it was for uni and all of a sudden they only offered me £200
 
 
 
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