Newsbeat

Added: Monday, 2 November, 2009, 10:00 GMT 10:00 UK

Sorry to say but no one holds a gun to your head for you to sign up to a credit card. People should realise that company’s offer a service to make money. If you can not manage money why have a credit card, if they increase you credit limit why do you have to spend it. Sorry but common sense says if you can’t manage it don’t have it.

JPS, Harrogate

Added: Friday, 30 October, 2009, 10:26 GMT 10:26 UK

Yes. The U.S.A. has a lower APR than we do. Funny how their economy is recovering more quickly than ours. Coincidence? I don't think so.

Andrea Cook

Added: Friday, 30 October, 2009, 03:28 GMT 03:28 UK

Firstly, I encourage everyone to put ytheir money into a federal union. Bank of America and Citigroup have begun charging their 'good customers' -the ones who pay their balance on time, have no debt, etc. annual fees. They are charging them these fees b/e they are not able to rip them off like they do other people. Ex. those who have high debt=higher rates=more money for the banks.

If one must have a credit card, be careful of the card company itself and esp. the bank who provides it.

Darryl H

Added: Thursday, 29 October, 2009, 22:44 GMT 22:44 UK

Well yes they should be given a better deal, especially on store cards. However this may seem heartless but if you don't look at the terms, weigh up the affordability of the situation then that's your own foolish mistake. This of course doesn't apply to everyone but it applies to enough people for it to be a substantial point.

Graham McDougall, Glasgow

Added: Thursday, 29 October, 2009, 13:50 GMT 13:50 UK

We got our first credit card more than 30 years ago. Since then we have only paid interest a half dozen times - usually through forgetting to pay. It's easy, you only use your credit card for what you know you can afford to pay back during the next month. When you need to buy something you cannot afford straight away, take out a loan - but only if you can afford the re-payments. If no-one will give you a loan, do without!

[Clichoid], Dorchester, United Kingdom

Added: Thursday, 29 October, 2009, 10:24 GMT 10:24 UK

Why all the fuss? If we are allowed to use a credit card free of charge provided we pay off the amount we run up, that's fair enough.

Even if the card company raises the credit limit without the named person's position, a phone call or letter can get it reduced.

Where's the problem? The important thing is that we have a system where we can use a card FREE OF CHARGE if we use it sensibly - though I accept the rest of us rely on the fools who can't do this!

Donald, Brum

Added: Wednesday, 28 October, 2009, 21:41 GMT 21:41 UK

'Surely people just need to have some self control, you dont need to buy that nice dress at £100 or them pair of shoes at £120 or the necklace you saw at £40 or that coat at £90.'

You will find that is not what most people put on their credit cards. It is usually things like: necessary plumbing bill at £80 or necessary replacement of £400 boiler so we do not freeze in winter

Alex, England

Added: Wednesday, 28 October, 2009, 11:32 GMT 11:32 UK

I think that the most unfair feature of credit cards is the card companies policy of raising the interest rate for customers who's credit rating falls. Customers start with interest rates of 16-17% then if their credit rating falls - possibly through a job loss, the card companies increase those interest charges, sometimes approaching 30%. How exactly is that going to help someone pay off their debt? And the regulators are saying nothing - remember the furore over over store card interest rates?

Keith, Norwich

Added: Wednesday, 28 October, 2009, 07:49 GMT 07:49 UK

If minimum payments are increased we will not be able to afford to pay our credit cards at all especially with the current economic climate and my wages been bonus related. Surely the government will only push for this on new card applications?

James

Added: Wednesday, 28 October, 2009, 03:02 GMT 03:02 UK

Hey, bankers are not stupid !!!
Credit card interest is like snowball, progressively adding on, growing n growing

Wilson, Brighton

Added: Wednesday, 28 October, 2009, 02:22 GMT 02:22 UK

Government should also limit the number of credit cards owned by a person to, say three. This will develop a better consumer culture.

John Bysack, Calgary, Canada

Added: Tuesday, 27 October, 2009, 19:46 GMT 19:46 UK

I agree with the people saying that the interest rates that credit card companies charge should be seriously reduced and capped. They get away with charging too much and need to be looked at. I also agree that increasing minimum payments will mean that more people (myself included) will not be able to make the minimum payments and will end up in worse trouble, having to declare bankruptcy. I'm having a lot of trouble paying off my card as the interest charged is close to the minimum payment.

Suzan, Newry

Added: Tuesday, 27 October, 2009, 18:23 GMT 18:23 UK

Surely people just need to have some self control, you dont need to buy that nice dress at £100 or them pair of shoes at £120 or the necklace you saw at £40 or that coat at £90. If you cant control your finances then you shouldnt have a credit card. To have a credit card you should have to prove you can can pay it back what you spend

chris, gloucester

Added: Tuesday, 27 October, 2009, 17:59 GMT 17:59 UK

I am 33 and am now in control of my finances. Up until 3 years ago, I was a slave to my credit cards, and needed help from the CCCS to get out of trouble. CCCS is the Consumer Credit Counselling Service, and have converted me from an interest payer, to an interest receiver. It is so liberating to get interest paid INTO my accounts :)
People need to realise that without proper education and awareness, it is very easy to become severely unstuck.
A big THANK YOU to CCCS :)

Ben, Flint

Added: Tuesday, 27 October, 2009, 17:25 GMT 17:25 UK

I cannot believe there are so many people who spend money they do not have! If you cannot pay it off every month don't spend on it, simple! I had 6 cards at one pont and used the 0% balance transfer to pay off my debts, then moved the balances round until they were all paid off. They soon put a transfer fee on but not before I had finished. They kept increasing my credit limit as I moved the money around, paying me to pay it off.

Paul, Preston