Friday, August 11, 2006

Stricter controls needed on credit

Shopping is out of control

According to a survey, women would rather buy shoes than pay their bills while one in ten women spend more than £1000 on shoes alone each year. A friend of a friend had run up debts of £36 000 by the time she was 21 and had spent all of the money on clothes.

Posted by uncle chris @ 10:10 AM (508 views)
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3 thoughts on “Stricter controls needed on credit

  • Maybe like a driving license we should have a credit license!

    Only people with a credit license can borrow, and to do that they have to show they can work out compound interest, and work out the real price of goods purchased using credit.

    and I’m a Libertarian…

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  • Retiredbanker says:

    Jeff Randall is always worth reading; one of the few journalists with any common sense.

    2002 Enterprise Act- yet another example of legislation “with unintended consequences” from this useless

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  • I think out-of-control shopping is a good thing. I’d like to see a lot more of it – vast quanities of it. People indebted up to their eyeballs. That way, a 0.25% increase in interest rates will make a lot of people hurt – a second or third one might actually make some people think about debts. It may also be a contrinuting factor to a house price crash: small increase in interest rates + rising utility bills + council tax increases + pressure on the £.

    Sorry – haven’t I described Crash Gordon’s Economic Miracle? We’re almost there – just waiting for pressure on the £ to push up the price of imports.

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