Which bit of "I'm spending the (borrowed) money - I have to repay it" do people not get?
Some people are viewing their credit card limit as a target, and when this has been reached they applied for another credit card and got it..
How do they calculate the credit card limit?
I am in the process of changing credit cards and requested the credit card limit be reduced and I got a surprise look from the bank staff!!!!
When it got to the stage that I could have, technically speaking, bought a car using my visa, I had to just say, no, this is getting ridiculous.
If this is the case, how come the financial regulator or dept of finance have not put legislation in place to prevent this?
...
I think it is time that the minimum payment row on the credit card bill be erased and just show the balance.
I think this ‘minimum payment’ is reason for many people building up considerable debt. Maybe it should be replaced with projected bill next month.
If people saw the considerable increase for projected bill, then I think they would be more pro-active in clearing them.
I've never heard of this. Do you mind my asking which bank your Mastercard is issued by?My bank won't allow my minimum payment to be more than 10% [...] my direct debit is only allowed to be 10% rather than 100%.
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