Need a credit card? Tough. Have an affordable loan instead.
Are you one of those people who can't get a loan? You're probably a writer then. Well done you. There's some news afoot that may be of some interest to you.
Invisible piano playing and Work And Pensions Secretary, Iain Duncan Smith, has launched a pilot scheme to help you lend money if you are unable to obtain a conventional loan. This scheme has been set up in the West Midlands and is called My Home Finance, which hopes to stop people using loan sharks. There is a catch though - the interest you'll get charged with is higher than the maximum by law that credit unions can ask for.
In numbers, that means it will charge 29.9% APR and then rise to 49.9% APR in April. That's nice isn't it?
To get this loan, the BBC say that you'll have to go through a 45-minute interview which will determine if you're even slightly likely to be able to repay the loan. If not, presumably, you'll then have to go to a loan shark or sell your teeth to a pawn shop or something.
Because you won't be getting a decent credit card deal. The banks are limiting their best deals to existing customers.
Bank of Scotland, Barclays, Halifax, HSBC, NatWest, RBS, Santander, and The Co-operative Bank all have credit cards that are available only to those who bank with them, according to Which?
This is down to the fact that banks are keen to sell a range of products and services to their existing customers rather than get new ones in. Basically, if you see a better credit card deal, then you're going to need to sign up for multiple things first.