Re: Credit Mad Britain
 

Sorry Graham, I don't see the difference, the info is there if you look, they have to provide you the facts by law, if you don't check up on what your being told thats your fault. Although I confer on the "confusion marketing" theory.

I also agree that the financial market need more regulation but people that argue against a nanny state can't have it both ways :)

Re: Credit Mad Britain
 

just out of curiousity , i earn roughly 25k / year , wife earns roughly 5k / year , so that means we could get a maximum of 105k mortgage , roughly how much does that work out per month

Re: Credit Mad Britain
 

True but every bit helps :)

Re: Credit Mad Britain
 

Have a go at the calculator - Here M8. :)

Re: Credit Mad Britain
 

thanks for that , just as i thought , if i borrowed the maximum i am allowed it would swallow up almost half my monthly income , then all i would need is the interest rate to go up a couple of % and that would be it :Yikes: :Yikes: :Yikes: :Yikes: :Yikes:

Re: Credit Mad Britain
 

Erm - I like my credit cards thank you. :)

Re: Credit Mad Britain
 

Which is the point I'm trying to make. It's not just a matter of the information *being* there, it's that it's *understandable* to the average consumer.

If it's buried deep in the very small print or couched in impenetrable financial speak, even if you *know* what to look for, it's going to be difficult for anyone to make sense of it.

But it's not "having it both ways". Regulating an industry that is selling stuff to the public is not the same as *telling* the public what they should or shouldn't do or buy.

Re: Credit Mad Britain
 

SHOCK! HORROR!

For once I agree with Graham.He speaketh very good sense. :Yikes:

Incog. :)

Re: Credit Mad Britain
 

Staggering >>>> Link

I can see the country going along the lines of boom & bust if this carries on much longer.

£1 Trillion on credit beggars belief

Companies & Banks offering credit should be guided by stronger credit laws issued by the government, that sounds a bit "nanny state", but at least it should put the brake on further indebtedness, or the rest of us will have to help out by paying higher interest rates.

Its ok if people have a bit put by, but it is the interest rate that keeps going up for my mortgage that is very worrying.

Re: Credit Mad Britain
 

i fear the same tbh :disturbd:

Re: Credit Mad Britain
 

I read somewhere recently that about 70% of this is actually revolving and cleared monthly, we now also have a culture of charging everything to earn the reward points, carry less cash and then pay it all in a lump sum at the end of the month.

Re: Credit Mad Britain
 

I'm currently looking for a new house and applied for a mortgage "agreement in principle".

I've had no problems except that, because I've got a £3000 balance on a credit card the mortgage company has said they'll lend me £3000 less than I asked for.

They don't seem to be interested in the fact that a) I've been transferring that amount around 0% deals for the last three years (originally it was £5000 quid) and b) the money to pay it off is sitting in another account earning interest :rolleyes:

Re: Credit Mad Britain
 

In that case I would go to a different mortgage lender. Screw 'em.

Re: Credit Mad Britain
 

They're offering a better deal than anyone else at the moment.

Frankly it doesn't matter a damn to me, it's just that in the context of the topic, what people have in savings doesn't seem to get reckoned into the equation.