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| BBC News wrote: Credit card terms 'to be curbed' Some unfair credit card terms are to be outlawed under proposals being put forward by the government. It wants to stop card firms raising interest rates on existing debts and to prevent them raising someone's spending limit without authority. Monthly repayments must be used to pay off the most expensive debts first, and the size of minimum repayments will be raised to ensure faster debt repayment. | |
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http://news.bbc.co.uk/1/hi/business/8326485.stm
On the whole these are good proposals. However my one concern is that if these will apply to existing cards and balances, the increased repayments will force people into bankruptcy where they can meet current repayments but not an increased level. Surely the government doesn't intend to forcibly bankrupt people like this?
