Credit Crunch Smoke Screen

[louisa.s]

I agree that there should be more regulation about how credit card companies throw applications at people without requiring any evidence of ability to pay. I think people should be limited to one credit card only and you limit is reflective of your annual salary upon which evidence needs to be produced of your annual salary.

We were 18 when we were offered credit cards and yes we were naive and had no real value of hard earnt cash as we only had weekend jobs! 11 years on we are not more or less sorted and 2 years into our IVA.

With regard to the credit crunch I don't think that they should necessarily be trying to prevent it as such, as I think with most things in life things happen for a reason and there is alwasy a circle of events and we are reaching that point that we cannot continue along these lines for very much longer so we need to crash and then we can start again!

[kallis3]

Isn't it awful that as soon as you get to 18 they give you cards! No one should be offered this when they are on part time wages. My daughter was given credit for her laptop at 18 with no questions asked. It used to be that you had to have some sort of decent credit record before you could take out a loan or whatever for yourself, not anymore. Perhaps they should change the regulations so that you have to be in full time employment and over 21 before you can have the 'easy' credit?

[Moneystinks]

We fully admit that alot of our problems have been down to stupidity. Alotof our debt has come from us trying to get out of debt. We have refinanced, consolidated etc etc. We had some misguided sense that we got ourselves in so we should try and get ourselves out. It doesn't always work like that as we have found out to our detriment. (No pun intended).