Cameron.. Pay Off Your Credit Cards To Help Economy

[I1L2T3]

article in the guardian today says that credit has effectively dried up for most people.

[mossdog]

article in the guardian today says that credit has effectively dried up for most people.

The Chinese won't be chuffed about that!

[altus]

article in the guardian today says that credit has effectively dried up for most people.

Is this the article? (It's helpful if you post links to articles you mention so people can see what you're talking about.)

The number of people psychologically inclined to prudence, or to spending, has not changed. What has is the number of banks happy to load up households with debt. Those households (and they're not just low income, but often middle income, too – the poorest are usually the best budgeters) are still just as hooked on debt, but have fewer places to get it.

 

That's why they will have more problems than many others. Not only have they been living beyond their means for years, they still can't accept the fact that they can't get away with doing that any longer.

 

They would have always had to pay their debts back eventually - it's just that now they don't get so much choice about when to do it.

[Mecky]

I don't have a credit card

[taxman]

Stores routinely offer finance for white goods. You don't necessarily need a credit card.

 

 

That's what someone at work told me, but having never needed finance, credit, then I had no idea what he was on about, I usually just pay cash.

[speedbirdone]

That's what someone at work told me, but having never needed finance, credit, then I had no idea what he was on about, I usually just pay cash.

 

But there are also plenty of times when paying by a credit card is far more sensible than cash / debit card.

[redruby]

I admit it. I was a stupid sucker that maxed out credit cards until paying them off would take forever with all the interest added every month. I fortunately paid the lot off with voluntary redundancy money and got a new job. But how I wish I'd taken my Dad's advice about saving money before:roll:

 

My advice if you're in debt or are tempted by overspending is pay by CASH for all everyday purchases. Don't even use debit cards for everyday stuff if possible, it's much easier to limit spending when you hand over cash for each purchase. Draw out as much as you need each week and stick to that. And only use credit cards for major purchases that are budgeted for and can be paid back straight away.

 

I'm no Tory voter, but I won't argue with Cameron about this.

[L00b]

Stores routinely offer finance for white goods. You don't necessarily need a credit card.

That's what someone at work told me, but having never needed finance, credit, then I had no idea what he was on about, I usually just pay cash.

Then, with reference to:

What about, for instance, a new washing machine? I'm sure a lot of people could easily afford to just buy one but there are lots of people who don't have ready cash to hand. How are they supposed to buy something, that they genuinely believe they need, without resorting to credit?

what's your point?

 

Are you suggesting the financial system owes such people a new washing machine?

 

Cash is for mugs anyway, you're always better off using 0% finance if available (or if you can negotiate it into the deal) - let someone else service the interest, while you let your own capital make babies

 

But there are also plenty of times when paying by a credit card is far more sensible than cash / debit card.

e.g. flight reservations and holidays.

 

Don't know about your cards, but one of mine comes loaded to the gills with just about every travel insurance/death benefit/sanitary repatriation/etc. possible, all covers into mid to high 6 figures, applicable to any destination at any time for however long without any strings attached, to me and any spouse/dependants - the only proviso is that the card must have been used to pay for the booking (not even necessarily all of it). Had that card for at least 20 years now, can't remember the last time I had to bother with travel insurance

[Tony]

What about, for instance, a new washing machine? I'm sure a lot of people could easily afford to just buy one but there are lots of people who don't have ready cash to hand. How are they supposed to buy something, that they genuinely believe they need, without resorting to credit?

 

If you can't afford a washing machine today then you save up until you can.

 

In the meantime you use a launderette, or get your mum to wash your pants while she's wiping your arse for you.

[speedbirdone]

Then, with reference to:

what's your point?

 

Are you suggesting the financial system owes such people a new washing machine?

 

Cash is for mugs anyway, you're always better off using 0% finance if available (or if you can negotiate it into the deal) - let someone else service the interest, while you let your own capital make babies

 

e.g. flight reservations and holidays.

 

Don't know about your cards, but one of mine comes loaded to the gills with just about every travel insurance/death benefit/sanitary repatriation/etc. possible, all covers into mid to high 6 figures, applicable to any destination at any time for however long without any strings attached, to me and any spouse/dependants - the only proviso is that the card must have been used to pay for the booking (not even necessarily all of it). Had that card for at least 20 years now, can't remember the last time I had to bother with travel insurance

 

 

I have a AMEX Platinum Membership Rewards charge card ( not to be confused with the AMEX Platinum credit card ) OK it costs me a £300 a year membership fee. Some may say you pay £300 a year for the card but believe me the benefits of that card far outweigh the £300 it costs me, plus i also have bog standard Mastercard which i have because not everywhere accepts AMEX.