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Credit Card vs Credit Crunch


Dizzy
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With things being as they are at the moment with sudden job losses and the possible struggle for some to cope financially for a while then many people may now have no alternative but to resort to using their credit cards more to spread the cost of paying especially at Christmas.

 

We all know the banks interest rates have dropped to an all time low but this is NOT being reflected in credit card interest rates or APR either.... some banks/credit card companies have even put their APR's up :evil: (I realise APR and Interest is not the same thing but it's related)

 

Does Mr Brownie have any plans to force banks etc to lower their lending rates on credit cards or do any of the other hopefull followers in his shoes have any plans or ideas ??

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Never thought about that :oops::wink:

 

Problem with the tempting 0% on balance transfers/purchases though is that these are the cards which often charge a much higher APR once your freebee term has ended or you miss a payment date (you then lose your 0% offer :shock: )

 

It's simple to change credit card providers I suppose providing of course you have a good credit rating :wink:

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If you don't have a good credit rating - perhaps you should be thinking twice about borrowing money? That's kinda how we got into this mess in the first place.

 

With any kind of decent rating it's not difficult to find a 0% for the next 16 months, I reckon that should see us through the worst of the crunch - or at least buy enough time to make a dent in any debts transferred to it. Of course there are no guarantees that 0% cards will still be available once those deals come to an end, so it doesn't make sense right now to get any deeper in, but I reckon the banks will still be keen to offer attractive discounted rates to attract new customers and outstanding balances.

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If you don't have a good credit rating - perhaps you should be thinking twice about borrowing money? That's kinda how we got into this mess in the first place.

 

Maybe people will want to borrow more becasue they 'think' it is the best and only way out of their serious or unexpected financial difficulties... A bit like the banks are doing maybe :wink::roll:

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