BBC News Updated every minute of every day

Added: Friday, 3 July, 2009, 11:29 GMT 12:29 UK

It will take five days to clear! Then the usual U turn. The only protection Brown gives - is to bankers.

[glamorgan9560]

Added: Friday, 3 July, 2009, 11:26 GMT 12:26 UK

Most people aren't aware that if you take cash from your credit card either from a cashpoint or a credit card cheque that you remain paying interest until your balance is cleared hence if you only pay the minimum amount each month you are always paying for that cash even if it was only £20. Also most cheques have your name on them hence open to fraud in the wrong hands so that move is good at least but I agree with most others, tough! Don't buy it if you don't have the cash!

[bluegal1970], Wigan, United Kingdom

Added: Friday, 3 July, 2009, 11:24 GMT 12:24 UK

Now, more than at any time in the past fifty years, the UK needs something to kick start our economy. The repayment of personal debt is obviously a facet of recovery, so why haven't the Government invested more money in it?

Many people are in debt through high taxes across a range including VAT, Council Tax, Income Tax, National Insurance, etc, so why hasn't the Government substantially reduced these taxes for those earning less than the national average wage?

Bully Baiter, Cringe City

Added: Friday, 3 July, 2009, 11:24 GMT 12:24 UK

This is a bit like turning up with a dustpan and brush after there has been an earthquake.

Seamus, Derry

Added: Friday, 3 July, 2009, 11:22 GMT 12:22 UK

I work for a credit card and the credit card cheques are lethal! Firstly, you will be charged a fee, secondly, there is no interest free period, thirdly, most of these cheques are classed as cash so are at a massive interest rate (typically 25%+) and fourthly, you can't even pay them off until you have cleared the rest of your balance, which in many cases this will take longer than paying off your morgage!!!
Much better for the consumer that these no longer exist!

Davo, Middlesbrough

Added: Friday, 3 July, 2009, 11:17 GMT 12:17 UK

A bit like giving somebody a knitting needle and forgetting to tell them not to put it in their ear.

It is not your money, it is there to help you manage your finances. Sadly, they are used by people who are not in a position to be trusted with money they do not have.

Credit cards are a good idea, but are designed for people who can utilise, not need them.

If you NEED them, try spending less on new tellies, cigs, mobile phones and luxuries you cannot afford.

[Woodrow_Wyatt_II], Worksop, United Kingdom

Added: Friday, 3 July, 2009, 11:14 GMT 12:14 UK

A "Consumer Advocate" sounds like yet another toothless token gesture to attempt to convince a cynical public that there is someone looking after their interests.

Anyone who has ever dealt with other so called watchdogs, regulators, tsars etc will know what I mean.

John Murray, Chester, United Kingdom

Added: Friday, 3 July, 2009, 11:08 GMT 12:08 UK

At least the MPs don't have to worry about debt, if they need anything, they can cream it off the taxpayer.

DM, UK

Added: Friday, 3 July, 2009, 11:04 GMT 12:04 UK

If these expensive cheques are withdrawn, what will Alistair Darling and the government be able to use for the public debt - he will be lost.

[TechieJimbo], Cambridge, United Kingdom

Added: Friday, 3 July, 2009, 11:01 GMT 12:01 UK

as usual too little too late. There are more things that can be done to protect the poor.

james, st ives

Added: Friday, 3 July, 2009, 10:43 GMT 11:43 UK

Remember that 'being in debt' and 'having financial difficulties' are not the same thing. Most of us have borrowed tens if not hundreds of thousands of pounds to buy our house. That puts us in debt but doesn't necessarily mean we are in financial difficulties.

Same with credit cards and other loans. It's unfair to penalise those that manage their debt for the ones that don't or can't.

Haydn Price, Northants, United Kingdom

Added: Friday, 3 July, 2009, 10:42 GMT 11:42 UK

We use a credit card for purchases as it gives increased consumer protection, not because we cannot afford it - do not tar everyone with the same brush.
For those in debt, a large part could be 'written off' if the credit card companies did not charge interest of 20% or more over the base rate - that is daylight robbery and should be legislated against.
Both lenders and borrowers have to take responsibility for the amount of credit card debt in this country.

[Kareninscotland], Scotland, United Kingdom

Added: Friday, 3 July, 2009, 10:41 GMT 11:41 UK

I have just finished my degree and have little prospects of a job :(.
To get through university I changed my bank account to a student account, which gave me a £1500 overdraft by the end.
I was told at the start that this would shrink by £500 a year, so after 3 years I have no overdraft.
Two weeks ago I got a letter informing me that my overdraft has been extended to £2000 as per 'our agreement'. I don't remember making an agreement with them to extend my overdraft.

Phil, Hull

Added: Friday, 3 July, 2009, 10:38 GMT 11:38 UK

I think that credit cards should be abolished, i want to see the end of them they are immoral.

Mr Andrew Trevor Clarke, Stoke-on-Trent

Added: Friday, 3 July, 2009, 10:34 GMT 11:34 UK

SInce when did the government take over from personal responsibility?

If you are stupid enough to take out more debt than you can manage then you deserve the consequences - lose your house - I don't care - it's your own fault.

D, Hull