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Will Ther Be A Credit Card Bust In 2009..in The Uk.


BXLONDONMAN
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let's just say that we have a credit card bust say by the summer of 2009 or before what will that do to uk plc..

my Q is, doe's anyone know out ther on this site,,or what do you guy's think it will do to us.

if brown & co..try to print ther way out of the credit crunch how much will the pound be worth ???

i know we said as a country we will not print £££'s..i for one don't believe the goverment..do you ?

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Government is pressuring the credit card companies into a rescue plan for customers, just as they did with mortgages

http://news.bbc.co.uk/1/hi/business/7778218.stm

Credit card companies have agreed to offer some breathing space to consumers struggling with repayments.

The new set of "fair principles" should see the card providers back off from raising interest rates when customers fall into arrears on payments.

The deal comes after they faced pressure from the government to give more help to struggling customers.

But one accountancy firm says rising costs could lead to new annual fees on credit cards "becoming the norm"

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I know people who are £100-£200 short every month on their mortgage

and pay the remaining amount on credit card.

Roll on to next 0% deal , MEW when it gets too much.

This is a serious problem if CC companies go down,

so many people are living beyond their means in this

country.

It's all starting to unravel now.

I was in a pub garden in Windsor the other day and shared a

table with 3 mid twenties office workers

well spoken , well turned out ,2 guys 1 girl

Anyway

The girl was saying her flat mate has had to move out

back to her Mums because she has £20k on CC and it's all

got too much

Bloke says tell her to RACK UP A BIT MORE AND GO BANKRUPT!!

Thats what I did he said £43k!!!!!! (This is the best bit)

What I did he said ,is booked a round the world trip , got

a years visa for Australia paid for all on CC ,livid the life

of reilly(sic?) for two years abroad came back and went bankrupt

SIMPLE "they paid for my 2 year gap trip ha ha "

He was well chuffed with himself, he was about 26

£43k at 26 and im sure this is quite common by the way they

were talking

As un-employment rises , mass defaults on CC payments

CC companies going bust and so it goes on

We are on a very slippery slope into the deep deep doo doo

Edited by Maddog21
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We are on a very slippery slope into the deep deep doo doo

'We' are not all up to our eyeballs in debt - for the defaulters, well tough, they will get a long overdue lesson on how to manage their finances. I have no sympathy for them any more than I have for the chavs who have been living on equity withdrawl who will now get turfed out of the homes they should have been paying for.

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'We' are not all up to our eyeballs in debt - for the defaulters, well tough, they will get a long overdue lesson on how to manage their finances. I have no sympathy for them any more than I have for the chavs who have been living on equity withdrawl who will now get turfed out of the homes they should have been paying for.

I totally agree but they are taking us all down with them

as you've already seen if they default who picks up the tab

US THE TAX PAYER

These people are getting away with it

they don't see it as morally wrong

they thought it was funny

bloke who said he went bankrupt

said he can get credit again already

we are the ones being punished not them

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I totally agree but they are taking us all down with them

as you've already seen if they default who picks up the tab

US THE TAX PAYER

These people are getting away with it

they don't see it as morally wrong

they thought it was funny

bloke who said he went bankrupt

said he can get credit again already

we are the ones being punished not them

I think, if someone goes bankrupt due to sheer stupidity and greed, they should never be allowed credit again. No more car loans, mortgages, CC's, brighthouse washing machines etc etc.

Fu*k 'em.

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Guest vicmac64
I totally agree but they are taking us all down with them

as you've already seen if they default who picks up the tab

US THE TAX PAYER

These people are getting away with it

they don't see it as morally wrong

they thought it was funny

bloke who said he went bankrupt

said he can get credit again already

we are the ones being punished not them

We need to punish our politicians and put parties in power that will punish bankers that endanger our economy on a personal basis.

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Guest theboltonfury
Yes, it wont be a bust like a bank, but I expect there to be an ordered winding down of a number of credit card businesses

Aren't most credit cards run by banks?

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Guest Mr Parry
I know people who are £100-£200 short every month on their mortgage

and pay the remaining amount on credit card.

Roll on to next 0% deal , MEW when it gets too much.

This is a serious problem if CC companies go down,

so many people are living beyond their means in this

country.

It's all starting to unravel now.

I was in a pub garden in Windsor the other day and shared a

table with 3 mid twenties office workers

well spoken , well turned out ,2 guys 1 girl

Anyway

The girl was saying her flat mate has had to move out

back to her Mums because she has £20k on CC and it's all

got too much

Bloke says tell her to RACK UP A BIT MORE AND GO BANKRUPT!!

Thats what I did he said £43k!!!!!! (This is the best bit)

What I did he said ,is booked a round the world trip , got

a years visa for Australia paid for all on CC ,livid the life

of reilly(sic?) for two years abroad came back and went bankrupt

SIMPLE "they paid for my 2 year gap trip ha ha "

He was well chuffed with himself, he was about 26

£43k at 26 and im sure this is quite common by the way they

were talking

As un-employment rises , mass defaults on CC payments

CC companies going bust and so it goes on

We are on a very slippery slope into the deep deep doo doo

I heard a similar tale recently. Bloke, just discharged from bankruptcy, is still obtaining CC's. Managed to get £58k out of them so far, got his adult children doing the same. Whole idea is simply to bust the CC companies out, bag the cash and go bust again.

This is theft. Pure and simple. They make two payments on each card (minimum amount), this way it becomes a civil rather than criminal matter, convert their winnings to cash and still go of and claim benefits.

Britain is a joke . . . and that joke HPC'ers is on us.

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I heard a similar tale recently. Bloke, just discharged from bankruptcy, is still obtaining CC's. Managed to get £58k out of them so far, got his adult children doing the same. Whole idea is simply to bust the CC companies out, bag the cash and go bust again.

This is theft. Pure and simple. They make two payments on each card (minimum amount), this way it becomes a civil rather than criminal matter, convert their winnings to cash and still go of and claim benefits.

Britain is a joke . . . and that joke HPC'ers is on us.

Perhaps we could all do this, which will bust the companies and stop those 'homeowners' (please excuse my filthy language) paying their mortgages.

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I heard a similar tale recently. Bloke, just discharged from bankruptcy, is still obtaining CC's. Managed to get £58k out of them so far, got his adult children doing the same. Whole idea is simply to bust the CC companies out, bag the cash and go bust again.

This is theft. Pure and simple. They make two payments on each card (minimum amount), this way it becomes a civil rather than criminal matter, convert their winnings to cash and still go of and claim benefits.

Britain is a joke . . . and that joke HPC'ers is on us.

small room and baseball bat springs to mind here :angry:

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I know people who are £100-£200 short every month on their mortgage

and pay the remaining amount on credit card.

Roll on to next 0% deal , MEW when it gets too much.

This is a serious problem if CC companies go down,

so many people are living beyond their means in this

country.

It's all starting to unravel now.

I was in a pub garden in Windsor the other day and shared a

table with 3 mid twenties office workers

well spoken , well turned out ,2 guys 1 girl

Anyway

The girl was saying her flat mate has had to move out

back to her Mums because she has £20k on CC and it's all

got too much

Bloke says tell her to RACK UP A BIT MORE AND GO BANKRUPT!!

Thats what I did he said £43k!!!!!! (This is the best bit)

What I did he said ,is booked a round the world trip , got

a years visa for Australia paid for all on CC ,livid the life

of reilly(sic?) for two years abroad came back and went bankrupt

SIMPLE "they paid for my 2 year gap trip ha ha "

He was well chuffed with himself, he was about 26

£43k at 26 and im sure this is quite common by the way they

were talking

As un-employment rises , mass defaults on CC payments

CC companies going bust and so it goes on

We are on a very slippery slope into the deep deep doo doo

Don't worry EDM and his banker mates won't lose. A bit of quantitative easing, a few more billion pound bailouts and the bankers will still be in work getting their mega bonuses. Worried about inflation? EDM says that's "absurd". EDM wants his bailout money (again)

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It's infuriating to hear of borrowers' irresponsibility but ultimately there is also an onus on the lender.

If the CC companies are prepared to give away free cash to anyone who asks, it's hardly suprising that some will take it and walk away.

I suppose they just coldly calculate that enslaving the greatest number into the greatest debt requires lending policies that also allow some people to rob them. And that this is a price worth paying in pursuit of the highest profit.

The whole thing is vaguely nauseating.

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Guest Mr Parry
It's infuriating to hear of borrowers' irresponsibility but ultimately there is also an onus on the lender.

If the CC companies are prepared to give away free cash to anyone who asks, it's hardly suprising that some will take it and walk away.

I suppose they just coldly calculate that enslaving the greatest number into the greatest debt requires lending policies that also allow some people to rob them. And that this is a price worth paying in pursuit of the highest profit.

The whole thing is vaguely nauseating.

Errrr . . . how do I put this?

They're not borrowers.

They're thieves.

Remember 'The Sweeny'? Well, back then you needed a solid crew, sawn off shot guns, ski masks and a well serviced Jag MkII to do what these people now do with a pen and an application form.

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Guest Mr Parry
Don't worry EDM and his banker mates won't lose. A bit of quantitative easing, a few more billion pound bailouts and the bankers will still be in work getting their mega bonuses. Worried about inflation? EDM says that's "absurd". EDM wants his bailout money (again)

David Buik just stated on News24 that the £37Bn bank bailout was all talk. Hasn't happened.

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Guest Mr Parry
Does he ever do any actual work?

It must be his job.

He's getting more candid about reality. Said Britian's economy was unbalanced, totally reliant on services, under Blair/Brown manufacturing had all but disappeared. 'Export what?', I think he said.

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m suprised cc cards are still available as the funding for them is not and is currently supported by the taxpayer.

if people continue to default it will stop. i was expecting it to be pulled a month or so ago, but i think they decided to let it run over christmas to see if it worked.

it hasnt.

anyway, theres always debit cards. like a credit card but instead of others money - you spend your own.

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