After writing yesterday’s blog, i found out something rather interesting from the Independent website.
Credit card companies could be banned from raising borrowers’ credit limits without their consent to help prevent people running up unaffordable debts. Under new government proposals restrictions could be placed on card companies increasing interest rates on existing debt, as part of a review of the credit and store card industry. The government will also consult on whether the minimum monthly repayment should be increased to help people repay debt quicker.
In the same vein, the UK government is also set to outlaw the sending of unsolicited credit card cheques in this proposed major clampdown on high-risk lending.
These unsolicited incentives to spend that are sent out in their millions each year on face value appear to offer a ‘helping hand’ in paying bills and in buying expensive items, but with huge and horrific drawbacks.
My friend, don’t wait for the government to do anything for you. Start to deliver your yourself from debt in any way you can. Earn more, spend less, pay more than the minimum required etc.
I will show you one way to tackle credit card debt in tomorrow’s blog.
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