Tag Archives: credit card

May takes credit for EU directive on card charges – another ‘Leave’ lie?

Facepalm: Theresa May is a victim of her own stupidity – she still hasn’t realised that we can tell when she’s lying.

This is just a flat-out lie from the Conservative government.

They would not have banned credit card charges today (January 13) if not for an EU directive which comes into effect today. See for yourself:

All the Conservative government has done is ratify the EU law, so it applies here in the UK.

And here’s a question: When (if?) Brexit comes into effect on March 29, 2019, will the Tories cancel this law, pushing the cost back onto the consumer?

Of course, hawks on the social media weren’t going to let Mrs May get away with it:

But here’s an interesting comment:

Is this announcement simply an attempt to justify Brexit?

Is Theresa May trying to use ‘nudge’ technique to make us think the UK government is helping people rather than the EU?

And is she doing this to make fools of us – using a lie to convince us that leaving the EU is a good idea?

It could be argued that a single example of this behaviour is not indicative; that more evidence is needed. So…

This one:

https://twitter.com/paul_smudga/status/952259838230310912

QED?


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Is Labour’s plan to relieve credit card debt really controversial?

The shadow chancellor is planning new rules on credit card interest [Image: David/SilverHub/REX/Shutterstock].

Some commentators are tutting about John McDonnell’s plan to limit credit card interest repayments to twice the amount borrowed.

They say it may reduce the discouraging effect – people would no longer be put off borrowing when they can’t afford it.

But Conservative policies have driven people into the hands of payday lenders who charge huge rates of interest anyway!

People are being forced into debt by Tory pay repression and benefit persecution.

In such an environment, Mr McDonnell’s pledge must be welcome.

If not, why not?

People trapped in a spiral of credit card debt would be protected by a cap on their interest payments under a Labour government, John McDonnell, the shadow chancellor, will say on Monday.

Speaking at the party’s annual conference in Brighton, McDonnell will announce plans to help the more than 3 million people in Britain who are paying far more in interest payments than they borrowed.

Under the proposals there would be a total cap, meaning people would not have to pay back more than twice the amount of their credit card borrowings.

Source: Labour to pledge help for millions trapped by credit card debt | Politics | The Guardian


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Gentleman Ranker’s credit card confiscated – he owes the taxpayer £1,000

Couldn't care less: Iain Duncan Smith is happy to accuse others of living beyond their means - perhaps because he does it himself.

Couldn’t care less: Iain Duncan Smith is happy to accuse others of living beyond their means – perhaps because he does it himself.

Iain Duncan Smith – what a gold-plated hypocrite.

The man we currently call the Gentleman Ranker, who once claimed £39 for a single breakfast, while claiming he could survive on £53 a week if he had to (he never proved this), is in debt to the taxpayer, owing a total of more than £1,000.

His official Parliamentary credit card has been suspended.

Perhaps it should be replaced with one of those pre-paid cash cards he’s so keen to foist on honest low-income families, to stop him going over his limit again.

Follow me on Twitter: @MidWalesMike

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‘Barefoot banking’ to support people on the edge

usury

This is a piece I wrote for the local credit union in my part of Powys, following on from the Archbishop of Canterbury’s vow that the Church of England would fight payday lenders. Quite right – usury is an evil that religious organisations traditionally oppose. I’m publishing it here because the main information is relevant nationwide (and also because today appears to be quite slow for political news).

Credit unions must rise to the challenge created by the Archbishop of Canterbury’s stand against payday lenders, according to a leading figure in a Mid Wales organisation.

Richard Bramhall of Red Kite Credit Union said the main issue facing credit unions was how to bring affordable credit to “people on the edge”.

Last month, the Most Reverend Justin Welby announced that he planned to help community-based credit unions by allowing them to use Church of England premises as bases, to put firms like Wonga.com, which charge huge amounts of interest for their loans, out of business.

“His idea is very constructive,” said Mr Bramhall.

“Instant credit is a difficult sector to service because of high rates of defaulting. Payday lenders, door-step lenders and loan sharks – and to a lesser extent banks and credit card companies – answer the threat of bad debt by charging monstrous interest rates.

The Credit Union approach is responsible lending, careful interviews, getting guarantors where possible and working with the member to develop financial competence.

“The ethos always was to save; build a relationship with the credit union through saving – becoming a shareholder – and borrowing using the shareholding as security. They pay low interest and benefit by keeping and growing their shares.

“We do not want to lend at high rates,” he said. “Our standard rate is 12.68 per cent, or one per cent per month. If you borrowed £100 over a year and paid it back without interruptions, it would cost you £6.60 in interest, with no extra charges and no penalty for early repayment.”

But he warned: “The population density here is so low and the conceivable number of members so small that, even if everyone joined, our income from loan interest would not be enough to pay for bank-type premises or employees.”

The Credit Union’s solution is what Mr Bramhall calls ‘barefoot banking’. He said “The Herb Garden Café, in Llandrindod Wells, is an example. You can access credit union services six days a week, 12 hours a day – not just when we’re open but any time we’re in the building. People can pick up leaflets, ask about the credit union, leave messages, make payments and collect cheques. It costs the café nothing.

“If people want to help, they could develop the sort of access point we have here. Our greatest need is for self-motivating volunteers and casual drop-in service points in shops, churches, cafes and even private homes all over Radnorshire and north Brecknock.”

He added that credit unions also needed to establish themselves in schools, teaching responsible money management to youngsters.