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The Credit Crunch Hasn't Finished The British Love Affair With Credit Cards

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http://www.moneyhighstreet.com/news/184940...e+credit+cards/

Millions of Brits hold five or more credit cards

Over three million adults in the UK hold five or more credit cards, new research ahs indicated.

According to a study conducted by independent financial comparison website MoneyExpert.com, Brits are continuing to rely on plastic as the impact of the credit crunch continues to have its effect.

It was found that borrowers have either accumulated large debt which they are no transferring to avoid paying interest, or else have lots of cards to help "keep their head above water".

The research also showed that 28 per cent of people applied for more credit cards in 2007, with eight per cent applying for two or three cards.

Commenting on the findings, Sean Gardner, chief executive of MoneyExpert.com, said: "The credit crunch hasn't finished the British love affair with credit cards yet with millions of us still holding five or more cards.

"However, there has to be real concern if people are using cards to keep their head above water. Anyone who is trying to juggle five or more credit cards and owes money on all of them is in real trouble."

No wonder Britain now ranks as one of the most debt-ridden nations, get one CC to pay another CC! 5 credit cards? I have only 2 of those babies and keep shredding unwanted applications whenever Mr Postman delivers :lol:

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Multiple cards: sensible insurance against credit-crunched card issuers withdrawing the facilities. I've only got the one credit card so would be inconvenienced if this happened...

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Multiple cards: sensible insurance against credit-crunched card issuers withdrawing the facilities. I've only got the one credit card so would be inconvenienced if this happened...

Have you heard of cash ?

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Have you tried to hire a car with cash?

Add.

Have you ever tried to buy someting over the internet with cash (or a cash proxy ie debit card).

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Have you tried to hire a car with cash?

:lol: Credit cards are great if used within means and paid off every month... used as a charge card... forget the ones that have 0% offers and look for those with kick backs... with the built in insurance you can't loose... as long as you pay off every month ;)

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Have you heard of cash ?

Do you believe cash is a 100% replacement for the facility of a credit card?

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Do you believe cash is a 100% replacement for the facility of a credit card?

No. But I only every pay for holidays or large purchases with CCs, of which I only have one. I think I could survive without a credit card if needs be.

It's funny that you panic at the thought of losing your credit card. A bit like smokers always having to have a packet of ciggies lying around. So what if you can't hire a car ? So what if you can't purchase something of the internet ?

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Theres nothing inherently evil about credit cards, and even taking into account the fee for transfering balances they can offer savings to people already in debt. The main problem as i see it is that people arent able to control their compulsive spending. More often than not if they do transfer the debt onto a 0% deal, they don't cut the other card up, they keep it and end up loading it up with more debt.

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Yes, but it just broke my floppy drive.

That reminds me of a story (probably a joke) about someone phoning their IT support saying they were having problems reading files on a floppy. The help desk asked for the user to send them a copy. So they photocopied it and posted it off.

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Maestro and Visa Electron direct debit cards will work for most online transactions as per credit cards.

However, credit cards are definitely very handy and if you use them properly there's practically no downside. Just pay them off in full every month (ie don't spend more than you can afford to pay off every month) and all will be well. I certainly wouldn't want to be without mine.

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Theres nothing inherently evil about credit cards, and even taking into account the fee for transfering balances they can offer savings to people already in debt. The main problem as i see it is that people arent able to control their compulsive spending. More often than not if they do transfer the debt onto a 0% deal, they don't cut the other card up, they keep it and end up loading it up with more debt.

Maybe there is nothing inherently evil with credit cards, but they have a huge power for evil. I'm particularly thinking of the way that young and inexperienced kids are given a credit card at 18 without fully understanding the implications of APR. At eighteen these kids are just not worldly-wise enough to look beyond instant gratification to the consequences of running up debt at 30% APR. Credit cards should not be dished out so easily to youngsters who are inexperienced in life and finances. Or, if they are, they should have VERY low credit limits - like £200 max. Imo it would be better not to give credit cards to under 21s. And don't even begin to get me started on store cards - now they ARE thoroughly evil the way they offer immediate credit and teaser discounts. Bankers profiting from the naivety and inexperience of kids is reprehensible.

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Credit cards should not be dished out so easily to youngsters who are inexperienced in life and finances. Or, if they are, they should have VERY low credit limits - like £200 max. Imo it would be better not to give credit cards to under 21s.

Indeed, all those years ago (during the early reign of Maggie) when I went to Uni, I and many others had a credit card because it was the only way of having a cheque guarantee card. The limit was, as you say, something like £200 squids and I didnt use it as a credit card until, at the age of 21, I found myself in the wilds at night with no cash means of getting home (I still remember it more than 2 decades on, it was such a Big Thing to me to use it). Most of my peers seemed similarly averse to using them, but there were a few feckless types who spent on them, but they would (and did) have found some other way to spend anyhow.

So I think the big difference now is not in the availability of credit cards, nor in their credit limits, but the change in the prevailing attitude from 'Don't have then dont spend. All debt is evil' to 'None of it is real, spend spend spend and let the future look after itself.'

I was listening to a piece on radio 4 about this yesterday (think it was Your Things at lunch time), where they had people talking about how they needed a new phone and iPod every few months to keep some sad, misplaced Status amongst their peers and that they thought youth was the time to splurge on such things and no damn credit crisis would stop them. Funny, when I was yoof it was the time to have no possessions but lots of friends, and your status and value with them was based on little more than consumer ephemera.

But then I am a card carrying old git, I guess.

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It's funny that you panic at the thought of losing your credit card. A bit like smokers always having to have a packet of ciggies lying around. So what if you can't hire a car ? So what if you can't purchase something of the internet ?

What I said:

"I've only got the one credit card so would be inconvenienced if this happened..."

More of a straw man argument on your part, than a panic on mine, IMO ;)

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Yes, but it just broke my floppy drive.

I love it! :lol::lol::lol:

Bit like the urban myth of the woman speaking to an IT support bod and being told to "open windows" - sure you can guess the punchline!

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Indeed, all those years ago (during the early reign of Maggie) when I went to Uni, I and many others had a credit card because it was the only way of having a cheque guarantee card. The limit was, as you say, something like £200 squids and I didnt use it as a credit card until, at the age of 21, I found myself in the wilds at night with no cash means of getting home (I still remember it more than 2 decades on, it was such a Big Thing to me to use it). Most of my peers seemed similarly averse to using them, but there were a few feckless types who spent on them, but they would (and did) have found some other way to spend anyhow.

So I think the big difference now is not in the availability of credit cards, nor in their credit limits, but the change in the prevailing attitude from 'Don't have then dont spend. All debt is evil' to 'None of it is real, spend spend spend and let the future look after itself.'

I was listening to a piece on radio 4 about this yesterday (think it was Your Things at lunch time), where they had people talking about how they needed a new phone and iPod every few months to keep some sad, misplaced Status amongst their peers and that they thought youth was the time to splurge on such things and no damn credit crisis would stop them. Funny, when I was yoof it was the time to have no possessions but lots of friends, and your status and value with them was based on little more than consumer ephemera.

But then I am a card carrying old git, I guess.

Me, too. But as you say, when we were young, a credit card was for emergency use not for buying stuff we couldn't afford. HP was for that, and we all thought HP was a bit dodgy. There has been a psychological shift regarding credit cards that is very dangerous and inherently evil - it can only lead to debt slavery.

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Guest DissipatedYouthIsValuable

Credit cards are the Devil's blight upon the land. All will be judged, at the Armageddon day, who have been found to carry and utilise the filthy plastic of Hell's wretched Harlots!*

*35% Correct, First £5 Guaranteed, subject to terms and conditions.

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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