More bad times ahead for struggling debtors

In a metaphor muddle worthy of any local newspaper, if you’re standing on the edge of the debt precipice, the vultures could soon be circling, or at least that’s the case if two national newspaper reports are to be believed.

In some immediate trouble are punters who are struggling to repay credit card debts and personal loans. Citizens Advice have reported a huge increase in the number of charging orders made against homeowners who are struggling with unsecured debt. Next stop – home repossession. Bad fiscal juju all round.

Elsewhere, the era of credit card-hopping could be over as lenders become more choosy over who they take on as new customers. The trend for being a ‘rate tart’ and jumping from one 0% balance transfer deal to another is a dying art, leaving some borrowers facing a large unexpected hike in their monthly payments.

Do you fall into either of these categories or are you one of those smug, smart-arse types who has never borrowed in their whole lives and still believes bad debtors should be thrown into the workhouse? Maybe you know of a good balance transfer deal on offer at the moment or can recommend a loan shark with a fair interest rate and an ethical policy when it comes to bone-smashing. As ever, speak your brains below…


  • andy y.
    There are onky 2 options .forgive all debts and collapse the monetary system or demand repayment and live on soil. Personally I,m a saver and I want you fuckers that took my dough and spent it on hookers to pay me back.
  • veedubjai
    Just pure greed & no self-control to those who borrow & spend exceedingly over their monthly salary. We live in a very materialistic world these days & people are forgeting about personal responsiblility for their own actions. Companies need to have strict credit criteria on credit borrowing. Kids these days need to be taught from a very age the need for saving for the future. Tough times call for tough measures. No exceptions. My credit card rate has gone up when I PAY in FULL & on TIME & never missed a payment. Thanks alot you fuckers.
  • Deepz
    @veedubjai - if you pay in full and on time... your credit card rate wouldnt affect you, whether it was 1% or 100%. I am a believer of living within your means. Spend what you have, not what you will get. I do use a credit card, only because my debit card does not really reward me for using it.
  • James R.
    Complete crap - what we're seeing now is credit card companies refusing to lend to people who shouldn't be lent money. I had a letter from Barclaycard today saying that they were lowering their standard rate by 2% - without me even asking
  • veedubjai
    @Deepz, I expect some consistency on the level of continuous customer reward by allowing me to continue with my previous rate but by not increasing it. Surely then with my record of payment history, does this not reflect on how I manage my finances & ensure that keep a good record with the credit card company in the first place. My point is IF & I mean IF I really needed to slightly go over or allow a little extra time to pay back the money. Surely does the credit card company really want me to encourage to spend excessively & irrespondsibly or respondsibly & ensuring they get their money back? With the credit crunch as it is, the banks are now more eagar to grab & squeeze as much more money from us by lowering rates to people who don't have decent good credit ratings but penalise those who can afford it. So who is paying for those who can not afford then? Hmmm...When will be the next credit crunch after this saga when things have settled?
  • Inactive
    " are you one of those smug, smart-arse types who has never borrowed in their whole lives and still believes bad debtors should be thrown into the workhouse? " Yup, that's me... to a T.
  • Mittsy
    @inactive Yep, me too! Throw them in the workhouse! My credit rating is probably shit, and only because I refuse to have debt. I can count the amount of loans I've had in the last 15 years on one hand. I've never had a credit card and I paid my mortgage off by the time I was 30 (I'm 33 now). Am I a rich swine with a trust fund or a really well paid job? No, I work in a call centre on 18k a year (15k when I paid the house off). I just saw this whole fiasco coming 10 years ago when house prices started shooting through the roof and everybody could get themselves into stupid amounts of debt and so I decided to sort myself out financially. Now my savings accrue crap all interest and the banks try to get me to lock them in silly 5 year "hopefully you'll get this rate, sir" schemes. But, at least I have some savings to fall back on and the bastards can never take my house away from me!
  • Barry T.
    Charging orders? Good. To all the "consumers" who are now complaining that their credit agreements are unenforceable - if it is now a legal issue and not a moral issue whether you pay the money back, don't expect the people that chase you to have any morals either. You're all spoiling for the 99% of borrowers out there - all my cards have had 2%+ put on the APR this year and I've never missed a payment.
  • doubtit
    i've had my rate put up by barclaycard this month also. It really sucks that just when you think things can't get any worse they deal you this increase. My debts are my fault i know, The thing is i don't have anything to show for the debts i have no holidays in the past few years i helped my sons go through uni and college, i paid astronomical prices for fuel to get to work at its worse increase i was spending £100 extra per month just to get to work. Where was i supposed to get this money from. Now i am paying the price and god knows when i will get out of debt but it won't be as soon as i had hoped. Surely the government should step in on this one , i don't want them to lower it or pay it back for me but why have they been allowed to do this when the government has more of an input into banking than ever before. All i can hope for now is the judgement to come down from the case on wednesday to say that bank and credit card charges were to high in the past and receive a payment. and i wish i had been one of those people who reclaimed charges early on
  • Dados
    I have no credit card,no loans,no mortgage,my business went on its arse 2 years ago before the economy hit the fan,if i want something i have to save like fuck for it,i'm only going on holiday this year cos i spent the last 2 years fighting HMRC for tax repayment that the tossers took off me,or i'd be holidaying in Blighty,oh well,therers always next year,feel sorry for those mugs who are upto there arses in high interest mortgsge arrears & loans. credit is a thing of the past,Brown is a complete fuckwit if he thinks people are gonna do as he thinks is right,spend out of the recession? my arse
  • Shad S.
    I used to be recommended this web site by way of my cousin. I'm now not sure whether or not this publish is written by means of him as no one else understand such distinct about my difficulty. You are wonderful! Thank you!

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