Credit Card Rights


Written by Jackson Payne
15 Monday 15th March 2010

It has only taken the largest global economic crisis for the British government to announce this morning that credit card users are now afforded some protection against their money gobbling card companies.

The government seems to believe that it will save consumers millions of pounds and allow them more command on their finances. The agreement was reached between the government, credit cards companies and store card companies. It's hard to not be cynical about anything in regards to politics and further more anything involving finances and politics. But one would like to believe that this is a step in the right direction.

With a general election expected on the May 6, this may only prove to be another pawn in that bootlegging game they call politics. The Conservatives have already voiced their genius solution by affirming that they would implement interest rate caps on store credit cards, ban energy companies from charging unfair profits on re-payment and allow those without bank accounts to pay their bills via direct debit using the post office.

Thank you, I'm sure that's very helpful but when presented with two evils I think I'll just stay clear of credit cards all together.

"These new rights will put an end to the irresponsible lending practices that people have been most concerned about and help cut the cost of borrowing", Gordon Brown said in a recent statement.

The most expensive debt on consumer cards will be paid off first. Consumers will be empowered to not accept credit limit increases and the right to reduce their credit limit when they chose. They will also be provided more time in decisions to reject increases in their interest rates or credit limit.

These rights will protect people from risk of financial difficulty (which I assume is a greater part of the whole population) by banning increases on their credit limit and increases on their interest rates. This all seems well and good but it feels like an opportunity for credit card companies to come up with another highly elaborate scheme to strong arm all our money off of us. Not that I have any, but I'm sure they'll find a way.

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