Barclaycard customers face higher minimum payments
25/01/2021 | news | business | 201
The changes affecting some customers take effect as finances are squeezed by Covid and Christmas.
1
25/01/2021 10:46:11 21 0
bbc
Seems like a good idea. There will clearly be some cases where the payment increases marginally, but if the benefits are as claimed then it's probably beneficial in the long run
2
25/01/2021 10:47:24 34 5
bbc
"A Barclaycard spokesman said: "We are increasing minimum payments for some customers to help them pay off debt quicker and reduce the overall interest they pay."

Thank goodness for that. They are all heart deep down ..
132
25/01/2021 14:26:49 8 0
bbc
"We are increasing minimum payments for some customers because they don't seem to have realised on their own that by paying more pays off their debt quicker and reduces the overall interest they pay. Should they be allowed a credit card if they don't understand that? Of course! Otherwise how will they claim for "mis-selling" in 5 years and give 25% of their compo to parasitic claims companies".
159
25/01/2021 16:47:21 0 0
bbc
That is factually true and will result in people actually paying less interest over the long term.
3
MDK
25/01/2021 10:47:27 23 1
bbc
It’s a minimum payment... not a tax or new levy but a minimum payment. Compare to what MasterCard have just done on EU purchases this is a non story
113
25/01/2021 13:08:51 1 0
bbc
I missed that; what have they done?
117
25/01/2021 13:11:18 4 0
bbc
Actually just found the article - you're right that's a big story - Matercard just taking advantage - another brexsh*t benefit.
4
CT
25/01/2021 10:47:27 4 0
bbc
If this does cause a problem, speak to the bank, they will keep your payments at a level that you can afford.
14
25/01/2021 10:52:44 3 0
bbc
For as long as you don't use the card!
5
25/01/2021 10:48:03 24 8
bbc
Credit cards are a mugs game. Britain is in a massive debt crisis. The Government send the wrong message. If it's OK for them to massvely over-borrow then their subjects think it's OK too. I have friends in credit card debt and I wouldn't be able to sleep at night if it were me.
13
25/01/2021 10:52:15 34 4
bbc
I am the same. I was brought up to believe if you dont have the money, dont buy it.
6
25/01/2021 10:48:19 4 3
bbc
Debt the only game in Town... another kick in the Goolies.
7
25/01/2021 10:48:58 44 1
bbc
December pay is often early so it has to stretch further?

No it doesnt unless you spend it before January begins.
40
Gib
25/01/2021 11:18:55 3 33
bbc
well done to you for being in a position of not having to spread the cost of Christmas like many others have to.
136
25/01/2021 14:50:09 0 2
bbc
If normal monthly pay is the 28th each month but the December payroll is run for Dec 21st then its an extra week to Jan 28th. My nephew has a birthday in the last week of January and we already know that he will suffer as his mates will be broke every year.
8
25/01/2021 10:49:07 20 1
bbc
I am always interested in the money advice given - it is obvious but most people will not do this. They will continue to borrow more money as lenders have to keep lending due to low interest rates - the people in debt borrowing do not generally think about whether they can afford to pay it back.
9
25/01/2021 10:50:12 1 14
bbc
So the mighty Barclaycard managed to squeeze a fraction of a percentage point out of us.

Big deal.

I rinsed their credit and bought Bitcoin in July last year......
39
25/01/2021 11:18:55 4 0
bbc
Buying Bitcoin on credit? You really are an eejit.
145
25/01/2021 15:31:41 0 0
bbc
Barclays will receive less income, less profit from their customers.

How is that squeezing anything from anyone?

This change may well cause hardships for people already operating within narrow tolerances, and, with too little notice to react, this will be a very difficult time.

Cue 100s of posts espousing the benefits of not using banks, credit cards, loans... ignoring the whole article.
10
25/01/2021 10:50:20 12 15
bbc
Cue the predictable cries of only buy what you can afford from people who have never had to worry about the cost of basic items.
11
25/01/2021 10:51:41 49 4
bbc
Credit cards are only supposed to be short term borrowing, car break downs etc., but it seems many people use them to subsidise their lifestyles. Far too much keeping up with the Jones's with new tech that is not essential. If you use these things on a regular basis, you need to take a look at how you got here in the first place.
125
25/01/2021 13:58:51 6 0
bbc
I agree with the sentiment, however, I use CCs constantly, paying off the full balance each month, problem is when you can't pay off the balance. The trick is to ensure any spend on a CC is also taken off your available funds. Easily said I know, I used to bounced along on minimal payments until I got advice. Speak with your bank about a loan instead of CC debt, bottom line is reduce your spend.
12
25/01/2021 10:51:57 52 1
bbc
It’s scary how many people are paying interest on a credit card, a £3k debt paying off 1% + int would take 20 years... 20 YEARS

People are paying this as though it’s a tax, if you were switched on and did some research, you should never pay any interest. You can easily do a balance transfer/ move debt

I’ve had a credit card for years, paid it off by the due date and never paid 1p in interest
131
25/01/2021 14:23:45 2 1
bbc
Even if it was interest free, paying 1% a month will take 100 months = over 8 years.
5
25/01/2021 10:48:03 24 8
bbc
Credit cards are a mugs game. Britain is in a massive debt crisis. The Government send the wrong message. If it's OK for them to massvely over-borrow then their subjects think it's OK too. I have friends in credit card debt and I wouldn't be able to sleep at night if it were me.
13
25/01/2021 10:52:15 34 4
bbc
I am the same. I was brought up to believe if you dont have the money, dont buy it.
21
25/01/2021 10:59:50 2 0
bbc
Tell that to the government
4
CT
25/01/2021 10:47:27 4 0
bbc
If this does cause a problem, speak to the bank, they will keep your payments at a level that you can afford.
14
25/01/2021 10:52:44 3 0
bbc
For as long as you don't use the card!
15
25/01/2021 10:52:59 63 4
bbc
You used to have to pay at least 5%. Then it was reduced to 1% or 2% and people complained that that meant more people would get into debt.

Now it's being raised - guess what ? Yep, people are complaining it will get people into debt !
16
25/01/2021 10:55:35 116 1
bbc
I have one of these credit cards - and while my repayments haven't changed, what the article doesn't mention is that as of today Barclays are also blocking their cards from being used in casinos and on gambling websites - which actually seems like a great idea to stop people running up debt.
25
25/01/2021 11:00:59 51 0
bbc
It used to be illegal to gamble with a credit card because it led to the coombination of gambling and debt.
47
25/01/2021 11:24:50 5 2
bbc
So stocks and shares are not allowed. Strange this gambling thing
17
25/01/2021 10:55:53 1 4
bbc
Funny how the inland revenue allow credit card payments this year for the first time.Small businesses are struggling, We have to open again
19
25/01/2021 10:58:45 6 2
bbc
So safety is secondary.
Capitalism at its worst.
23
25/01/2021 10:59:51 3 1
bbc
You can reopen when people stop dying of an infection that spreads in communities. Not a hard concept.
18
25/01/2021 10:56:26 64 3
bbc
Hi straw cat

If people are a relying on credit cards to buy essentials, that’s awful, but some people don’t believe you have to save for luxury items etc, but instead want it now, I have no sympathy for those people.
24
25/01/2021 10:59:56 20 27
bbc
Do you accept they are the exceptions and that it is lazy stereotyping to say that the poor spend what little money they have on consumer items, cigarettes, tattoos etc.?
17
25/01/2021 10:55:53 1 4
bbc
Funny how the inland revenue allow credit card payments this year for the first time.Small businesses are struggling, We have to open again
19
25/01/2021 10:58:45 6 2
bbc
So safety is secondary.
Capitalism at its worst.
20
Jim
25/01/2021 10:59:31 70 1
bbc
If you can't pay 2.5 of your balance then you are in serious financial trouble

Either a drastic change of circumstances or you should never have had a credit card

Its good that there are minimum payments, & checks to reduce further spending, as it is so easy to get into trouble

But then I see those adverts promising to wipe off virtually all of your debt, & think why did I bother being prudent
183
25/01/2021 22:12:51 2 1
bbc
If you are worried about your own financial debt please contact the National Debt line who are always happy to help you.

https://www.nationaldebtline.org/
13
25/01/2021 10:52:15 34 4
bbc
I am the same. I was brought up to believe if you dont have the money, dont buy it.
21
25/01/2021 10:59:50 2 0
bbc
Tell that to the government
22
25/01/2021 10:59:50 8 10
bbc
Banks doing what banks do best...pulling the rug!

Feels like another 'PPI' type scandal in the offing!
17
25/01/2021 10:55:53 1 4
bbc
Funny how the inland revenue allow credit card payments this year for the first time.Small businesses are struggling, We have to open again
23
25/01/2021 10:59:51 3 1
bbc
You can reopen when people stop dying of an infection that spreads in communities. Not a hard concept.
18
25/01/2021 10:56:26 64 3
bbc
Hi straw cat

If people are a relying on credit cards to buy essentials, that’s awful, but some people don’t believe you have to save for luxury items etc, but instead want it now, I have no sympathy for those people.
24
25/01/2021 10:59:56 20 27
bbc
Do you accept they are the exceptions and that it is lazy stereotyping to say that the poor spend what little money they have on consumer items, cigarettes, tattoos etc.?
67
25/01/2021 11:43:17 15 0
bbc
Whilst there are exceptions, many to do not prioritise the necessities and purchase on credit meaning they spent even more on what might be called frivilous items. For those unfortunate people who struggle to afford just the basics is a wider issue, but resorting to credit cards will just make matters worse!
130
25/01/2021 14:22:25 14 2
bbc
Using the phrase "lazy stereotype" to pretend things don't happen helps no-one. Some people (as you call them) do spend money on consumer items, cigarettes and tattoos and then find they can't afford to feed their kids. That is poor people, rather than richer people. Cigarettes are like £20 a pack. That would pay for homemade lunches for my WHOLE family of four for a week.
173
25/01/2021 19:58:25 3 1
bbc
Most poor people are poor for the same reasons - inability to defer gratification, a culture of dependence and expectation that others will pay for them. You can see this in the current situation - those on UC have been given a £1,000 covid-bonus "pay rise" and yet still want others to feed their children.
187
25/01/2021 23:56:35 0 0
bbc
I guess they see what their own kids do, and assume everyone else's kids do the same thing
16
25/01/2021 10:55:35 116 1
bbc
I have one of these credit cards - and while my repayments haven't changed, what the article doesn't mention is that as of today Barclays are also blocking their cards from being used in casinos and on gambling websites - which actually seems like a great idea to stop people running up debt.
25
25/01/2021 11:00:59 51 0
bbc
It used to be illegal to gamble with a credit card because it led to the coombination of gambling and debt.
34
25/01/2021 11:16:53 6 0
bbc
It was made illegal in 2020 and still is.
Unfortunately it is difficult to enforce against gambling from your home on overseas websites.
49
25/01/2021 11:26:35 2 0
bbc
Called the stock market and Lloyds names
26
Em
25/01/2021 11:03:49 13 0
bbc
Do not borrow but if you do, pay it all off. A Bank will pay you 0.1% interest on your savings while charging 0ver 20% on your credit card debt.
111
25/01/2021 13:05:04 8 2
bbc
That same bank who charges you 21% interest on your CC and refuses you a loan to pay off the balance at a much reduced interest rate? They’re total crooks and should be ashamed, but they then send out adverts telling us they’re here to help.
163
25/01/2021 16:53:42 0 0
bbc
This sounds so simple and sensible and for years I did just that. But life isn't simple and it can put you in situations you would never anticipate, nor wish for.
27
25/01/2021 11:04:48 10 1
bbc
If you cant afford it dont buy it. Credit cards are only good for payments to give you more protection.
43
25/01/2021 11:19:34 3 6
bbc
Everyone wouldn’t have a house, car, job etc..
Not thought it through have you!
28
25/01/2021 11:05:07 2 0
bbc
ALL Credit Card repayments should be at least 2% of the balance !!!
38
25/01/2021 11:18:40 1 0
bbc
Sell your idea to the card companies.
Somehow........
143
25/01/2021 15:26:42 0 0
bbc
What do you think they currently are?
Is the 5% in the article more than or less than "at least 2%"?
Why 2%; based on what?
29
25/01/2021 11:08:40 9 1
bbc
Don't spend what you haven't got.
Credit cards have ruined many people's lives yet you still get their mail shoved through youre letter box ecouraging you to use them.
They target low income families with cards some of which have obseanly high interest rates.
This is only going to get worse with more and more people loosing their
jobs.
When the furlough ends it will really hit the fan
36
25/01/2021 11:18:06 2 1
bbc
The CAPITALIST SYSTEM will fail if your 1st sentence is applied!
I suggest you didn’t purchase a property with “cash” or perhaps you rent but whatever it’s CREDIT Based!!!
30
25/01/2021 11:10:38 2 5
bbc
Barclaycard have changed the terms and conditions.

Wouldn't it be nice if the customers could do the same!
65
Bob
25/01/2021 11:42:07 4 0
bbc
You are free to take your custom elsewhere.
31
25/01/2021 11:11:28 4 0
bbc
Surely this is a good thing. The bank charges compound interest. By just paying off the minimum amount each month, the remainder increases for the next month, due to accrued interest. If the minimum amount increases, the remainder decreases, as does the interest accrued.
32
25/01/2021 11:15:08 4 1
bbc
Well the banks have to make money some how but they always try to disguise it as they are doing it to help customers but infact its to make more profit they don't care if it sends a customer to the wall.
48
25/01/2021 11:25:13 7 2
bbc
They aren't increasing charges. They're increasing the minimum payment which means people will be paying off the balance faster. So in fact the company will make less interest as a result of this.
54
25/01/2021 11:30:26 0 1
bbc
They didn't care about apartheid
why would they care about you !
33
25/01/2021 11:15:50 24 1
bbc
Credit cards, when used in a certain way are excellent financial tools to have available.
When used, for example, as a continuous means to live on, then not so much unless the balance is cleared per statement.
Perhaps banking, finance and economics need to taught at school as well as the standard “3R’s”.
Children’s future development in the system would benefit.
41
25/01/2021 11:19:05 6 9
bbc
You've never been skint before then? The problem has little to do with education, people know full well what they are getting into.

Speaking as someone who earns over £100,000 but has previously been very skint and even homeless.
45
25/01/2021 11:23:12 1 0
bbc
Lots of patronising comments here from smug people who think they are smarter than everyone else.
The sensible thing to do would to not let people keep running up a balance when it's obvious they are struggling.

For example, an interest holiday for 6-12 months on condition they do not keep using the card?
151
25/01/2021 15:57:02 0 0
bbc
you forget 10 years of reduced pay and increased prices has forced people onto Credit cards for food and then onto max. out and then onto lower credit scores and they are then fully trapped by the banks.The FCA should FORCE INTEREST reductions at max. ,therefore increasing the min payment capital elemnet. In truth the FCA and the Govt are all in on it and deserve whats coming. Haircuts for all.
161
25/01/2021 16:49:55 0 0
bbc
Credit cards use is only acceptable in a very limited number of scenarios. Either as a safety net when the worst should happen or if you want the added protection against fraud fornyour purchases. Credit cards should be never be used for any other reason.
25
25/01/2021 11:00:59 51 0
bbc
It used to be illegal to gamble with a credit card because it led to the coombination of gambling and debt.
34
25/01/2021 11:16:53 6 0
bbc
It was made illegal in 2020 and still is.
Unfortunately it is difficult to enforce against gambling from your home on overseas websites.
169
25/01/2021 17:24:30 2 0
bbc
Gambling on credit cards is not actually illegal; there is no law preventing it and betting companies cannot be prosecuted for taking bets from a credit card. What happened was that the Gambling Commission forced all its members to sign-up to a code of practice under which they agree not to accept payment by credit card for any form of gambling.
35
25/01/2021 11:17:56 22 1
bbc
With Christmas last year being all but cancelled it was the chance for the spendthrifty to draw their horns in and not overspend for once .
Have they done this.......... .I doubt it.
29
25/01/2021 11:08:40 9 1
bbc
Don't spend what you haven't got.
Credit cards have ruined many people's lives yet you still get their mail shoved through youre letter box ecouraging you to use them.
They target low income families with cards some of which have obseanly high interest rates.
This is only going to get worse with more and more people loosing their
jobs.
When the furlough ends it will really hit the fan
36
25/01/2021 11:18:06 2 1
bbc
The CAPITALIST SYSTEM will fail if your 1st sentence is applied!
I suggest you didn’t purchase a property with “cash” or perhaps you rent but whatever it’s CREDIT Based!!!
118
25/01/2021 13:11:27 0 0
bbc
Which neatly sums up the problem with a unregulated CAPITALIST SYSTEM.
164
25/01/2021 16:54:01 0 0
bbc
Take your left wing nonsense elsewhere, this is a grown up discussion. The sooner the primary schools open back up the better, itl keep alot of this tripe off the forums.
37
25/01/2021 11:18:37 2 0
bbc
While they pay you 0.01% on your savings?
68
25/01/2021 11:45:14 0 1
bbc
Lucky t get anything, considering most people expect their bank accounts to be subsidised by businesses..!
28
25/01/2021 11:05:07 2 0
bbc
ALL Credit Card repayments should be at least 2% of the balance !!!
38
25/01/2021 11:18:40 1 0
bbc
Sell your idea to the card companies.
Somehow........
9
25/01/2021 10:50:12 1 14
bbc
So the mighty Barclaycard managed to squeeze a fraction of a percentage point out of us.

Big deal.

I rinsed their credit and bought Bitcoin in July last year......
39
25/01/2021 11:18:55 4 0
bbc
Buying Bitcoin on credit? You really are an eejit.
201
26/01/2021 18:33:30 0 0
bbc
Not if he bought in July last year, when 1 bitcoin was around 7-8k, and is now over 23k... OTOH it could easily have been worth today just 1k.
7
25/01/2021 10:48:58 44 1
bbc
December pay is often early so it has to stretch further?

No it doesnt unless you spend it before January begins.
40
Gib
25/01/2021 11:18:55 3 33
bbc
well done to you for being in a position of not having to spread the cost of Christmas like many others have to.
71
25/01/2021 11:47:32 23 1
bbc
They choose to, don't make it sound like its mandatory.
158
25/01/2021 16:45:52 1 0
bbc
No one HAS to spread the cost, people choose to spread the cost. You get paid early in December which would mean you have funds leftover from Novembers pay on top.
33
25/01/2021 11:15:50 24 1
bbc
Credit cards, when used in a certain way are excellent financial tools to have available.
When used, for example, as a continuous means to live on, then not so much unless the balance is cleared per statement.
Perhaps banking, finance and economics need to taught at school as well as the standard “3R’s”.
Children’s future development in the system would benefit.
41
25/01/2021 11:19:05 6 9
bbc
You've never been skint before then? The problem has little to do with education, people know full well what they are getting into.

Speaking as someone who earns over £100,000 but has previously been very skint and even homeless.
46
25/01/2021 11:23:12 9 0
bbc
People have no idea what they are doing and with the rise of cashless, until we educate kids, it's only going to get worse.
56
25/01/2021 11:31:23 2 1
bbc
How do you eat if no one showed you how?
42
25/01/2021 11:11:47 3 2
bbc
Credit cards lead to people being asset rich, but liquidity poor.
27
25/01/2021 11:04:48 10 1
bbc
If you cant afford it dont buy it. Credit cards are only good for payments to give you more protection.
43
25/01/2021 11:19:34 3 6
bbc
Everyone wouldn’t have a house, car, job etc..
Not thought it through have you!
115
25/01/2021 13:09:10 1 2
bbc
Don't be dense. If you can afford the interest, no problem.
44
25/01/2021 11:20:38 19 1
bbc
Ridiculous to call it 'nasty shock'. If one cant afford to repay even the minimum repayment, even if its 10% of the total but spend it anyway...they must be educating people on finances. Instead this article sounds as if people are being treated unfarily.
50
25/01/2021 11:27:10 12 0
bbc
Only SPIVS and CHUMS want repayment of the money they've loaned out. Hasn't your time on here taught you that? Joking aside, people are seriously uneducated about such things. Basic financial management isn't taught at schools and with the move to cashless and the instant gratification culture, it's something that needs addressing NOW.
33
25/01/2021 11:15:50 24 1
bbc
Credit cards, when used in a certain way are excellent financial tools to have available.
When used, for example, as a continuous means to live on, then not so much unless the balance is cleared per statement.
Perhaps banking, finance and economics need to taught at school as well as the standard “3R’s”.
Children’s future development in the system would benefit.
45
25/01/2021 11:23:12 1 0
bbc
Lots of patronising comments here from smug people who think they are smarter than everyone else.
The sensible thing to do would to not let people keep running up a balance when it's obvious they are struggling.

For example, an interest holiday for 6-12 months on condition they do not keep using the card?
58
25/01/2021 11:34:34 3 0
bbc
Lots of businesses are run just as your second sentence say, yet are allowed to continue. As for professional soccer clubs most are probably trading “illegally”
41
25/01/2021 11:19:05 6 9
bbc
You've never been skint before then? The problem has little to do with education, people know full well what they are getting into.

Speaking as someone who earns over £100,000 but has previously been very skint and even homeless.
46
25/01/2021 11:23:12 9 0
bbc
People have no idea what they are doing and with the rise of cashless, until we educate kids, it's only going to get worse.
16
25/01/2021 10:55:35 116 1
bbc
I have one of these credit cards - and while my repayments haven't changed, what the article doesn't mention is that as of today Barclays are also blocking their cards from being used in casinos and on gambling websites - which actually seems like a great idea to stop people running up debt.
47
25/01/2021 11:24:50 5 2
bbc
So stocks and shares are not allowed. Strange this gambling thing
32
25/01/2021 11:15:08 4 1
bbc
Well the banks have to make money some how but they always try to disguise it as they are doing it to help customers but infact its to make more profit they don't care if it sends a customer to the wall.
48
25/01/2021 11:25:13 7 2
bbc
They aren't increasing charges. They're increasing the minimum payment which means people will be paying off the balance faster. So in fact the company will make less interest as a result of this.
25
25/01/2021 11:00:59 51 0
bbc
It used to be illegal to gamble with a credit card because it led to the coombination of gambling and debt.
49
25/01/2021 11:26:35 2 0
bbc
Called the stock market and Lloyds names
44
25/01/2021 11:20:38 19 1
bbc
Ridiculous to call it 'nasty shock'. If one cant afford to repay even the minimum repayment, even if its 10% of the total but spend it anyway...they must be educating people on finances. Instead this article sounds as if people are being treated unfarily.
50
25/01/2021 11:27:10 12 0
bbc
Only SPIVS and CHUMS want repayment of the money they've loaned out. Hasn't your time on here taught you that? Joking aside, people are seriously uneducated about such things. Basic financial management isn't taught at schools and with the move to cashless and the instant gratification culture, it's something that needs addressing NOW.
170
25/01/2021 17:40:01 1 0
bbc
Financial education and qualification is available for schools if they choose to include it in their curriculum. The problem is that most schools don't choose to. See this link:

https://www.libf.ac.uk/study/financial-education/qualifications
51
25/01/2021 11:28:29 3 1
bbc
The number of times I have been offered a increase limit on my credit and I have turned it down each time because I work on the principle of borrow no more than one tenth of my yearly income so that if the bank did turn round and say they would like me to pay the balance in full I could without having to borrow money elsewhere
152
25/01/2021 16:03:07 0 0
bbc
I've got a Barclaycard specifically to use for internet purchases. Just £500 limit. The rigmarole I have to go through to keep it at that level is amazing. Are you sure you don't want to up it?
52
25/01/2021 11:29:20 7 1
bbc
"For people who were hardly managing before, the increase to the minimum payments may tip the bill over into being unaffordable."

Please see below, Corrected this for you. You are welcome!

"For people who were hardly managing before, gross overspending of credit cards when they cant even afford 5% of it may tip their finances into disaster paying interest for the rest of their life."
53
25/01/2021 11:29:20 1 7
bbc
The Definition of a bank, is someone that gives you an umbrella, but asks for it back as soon as it starts raining.
and as for Barclay's they were the bank that kept apartheid alive in South Africa
why would any non racist use them ?
32
25/01/2021 11:15:08 4 1
bbc
Well the banks have to make money some how but they always try to disguise it as they are doing it to help customers but infact its to make more profit they don't care if it sends a customer to the wall.
54
25/01/2021 11:30:26 0 1
bbc
They didn't care about apartheid
why would they care about you !
55
25/01/2021 11:30:32 44 1
bbc
People need to stand up for themselves when it comes to Christmas. There is no need to spend hundreds, if not thousands of pounds any Christmas, pandemic or no pandemic.

If children / families want x, but x costs £xxx and your income can't comfortably afford to buy x, this leads to debt; people need to learn how to say no.
70
Bob
25/01/2021 11:47:16 28 0
bbc
This article from a few years ago opened my eyes.

https://www.bbc.co.uk/news/business-42299210

This says it all - the well off spending less than the poorer folk:
In Kirkby, parents said they were spending anything from £100 to £1,500 per child. Their counterparts in Wilmslow often had smaller budgets, from £30 for a baby to a maximum of £300 for teenagers.
41
25/01/2021 11:19:05 6 9
bbc
You've never been skint before then? The problem has little to do with education, people know full well what they are getting into.

Speaking as someone who earns over £100,000 but has previously been very skint and even homeless.
56
25/01/2021 11:31:23 2 1
bbc
How do you eat if no one showed you how?
95
25/01/2021 12:31:43 3 1
bbc
Babies instinctively put thing in their mouths. They learn what to eat and what not to eat in the same was that they learn to sit up, crawl, walk and talk. All without being shown.
57
25/01/2021 11:31:44 28 0
bbc
Clear the balance every month else find a cheaper loan ...
100
25/01/2021 12:43:48 18 0
bbc
Exactly credit cards are great if you pay it off in full each month or if you are on a 0% deal. They are not for long term borrowing.
45
25/01/2021 11:23:12 1 0
bbc
Lots of patronising comments here from smug people who think they are smarter than everyone else.
The sensible thing to do would to not let people keep running up a balance when it's obvious they are struggling.

For example, an interest holiday for 6-12 months on condition they do not keep using the card?
58
25/01/2021 11:34:34 3 0
bbc
Lots of businesses are run just as your second sentence say, yet are allowed to continue. As for professional soccer clubs most are probably trading “illegally”
59
25/01/2021 11:35:28 4 2
bbc
Barclays bank is not alone. Giving those who cannot afford borrowing access to credit so banks can then extract the maximum penalty, against punitive interest rates is immoral. This at a time when current credit and savings balances held by sensible people are steadily devalued every month by currency inflation..caused in the main by runaway, unregulated loans permitted on too many credit cards.
60
25/01/2021 11:36:08 10 1
bbc
Misleading article.
Folks, if you cant repay in FULL what you spend on credit card, EVERY month, credit card is not for you. Period. This is the message they need to drive home to everyone. Not about how its unfair on them that their minimum repayments are going up from 2% to 5%. What difference does it make if you are paying interest on more than 90% anyway??
61
25/01/2021 11:37:56 0 1
bbc
Basic financial and economic ignorance of the capitalist system is prevalent so far on this HYS.
62
25/01/2021 11:38:07 4 2
bbc
Excluding mortgages you should only be able to borrow a percentage of your income once you have hit that point you shouldn't be able to borrow anymore. That sounds to me good practice for borrowers and lenders.
63
Bob
25/01/2021 11:38:13 6 2
bbc
"although some borrowers may have missed the notice, which was titled "changes to your terms and conditions"."

This about says it all. People would rather ignore the detail and spend, spend, spend.
64
25/01/2021 11:39:33 3 1
bbc
Ryan Berry 10-51 neat repeat of Money Martins Mantra.
It's not paying off that's the issue it's the spend in the first place.
It was drummed into me 'before spending a penny do a want/need/essential test'.
If you have the CASH buy whatever you WANT - If you are SKINT then even NEEDS may not be ESSENTIAL - don't blame Barclaycard blame yourself.
Financial education more important than academic??
30
25/01/2021 11:10:38 2 5
bbc
Barclaycard have changed the terms and conditions.

Wouldn't it be nice if the customers could do the same!
65
Bob
25/01/2021 11:42:07 4 0
bbc
You are free to take your custom elsewhere.
66
25/01/2021 11:43:04 3 1
bbc
A lot of people obviously need to learn some self control when it comes to spending money!!

I heard there are pleas from various bodies plus those in debt that the Government writes off their debts completely!!

What messages would that send out spend all round you not to worry someone else will pay it all back - in other words those who are sensible and have no debt would be paying!!!
191
26/01/2021 07:58:41 0 0
bbc
Don't ever look at the debt your Government has run up Alice...
24
25/01/2021 10:59:56 20 27
bbc
Do you accept they are the exceptions and that it is lazy stereotyping to say that the poor spend what little money they have on consumer items, cigarettes, tattoos etc.?
67
25/01/2021 11:43:17 15 0
bbc
Whilst there are exceptions, many to do not prioritise the necessities and purchase on credit meaning they spent even more on what might be called frivilous items. For those unfortunate people who struggle to afford just the basics is a wider issue, but resorting to credit cards will just make matters worse!
37
25/01/2021 11:18:37 2 0
bbc
While they pay you 0.01% on your savings?
68
25/01/2021 11:45:14 0 1
bbc
Lucky t get anything, considering most people expect their bank accounts to be subsidised by businesses..!
69
25/01/2021 11:46:17 8 0
bbc
If my daughters said they wouldn't be buying Christmas presents on their credit cards to put them into debt, that would be a gift I would be pleased to receive. Fortunately they have never fallen into needing to do so which is perhaps a gift their mother and I gave them when they were younger.
55
25/01/2021 11:30:32 44 1
bbc
People need to stand up for themselves when it comes to Christmas. There is no need to spend hundreds, if not thousands of pounds any Christmas, pandemic or no pandemic.

If children / families want x, but x costs £xxx and your income can't comfortably afford to buy x, this leads to debt; people need to learn how to say no.
70
Bob
25/01/2021 11:47:16 28 0
bbc
This article from a few years ago opened my eyes.

https://www.bbc.co.uk/news/business-42299210

This says it all - the well off spending less than the poorer folk:
In Kirkby, parents said they were spending anything from £100 to £1,500 per child. Their counterparts in Wilmslow often had smaller budgets, from £30 for a baby to a maximum of £300 for teenagers.
40
Gib
25/01/2021 11:18:55 3 33
bbc
well done to you for being in a position of not having to spread the cost of Christmas like many others have to.
71
25/01/2021 11:47:32 23 1
bbc
They choose to, don't make it sound like its mandatory.
72
25/01/2021 11:46:14 3 1
bbc
If you read the article (unlikely), this is only a tweek

HYSers as usual love to make a mountain out of a molehill.
73
25/01/2021 11:58:15 10 0
bbc
A credit card should only be used for large purchases in order to have additional consumer protection. Otherwise if you cannot afford to buy something then do t buy it. A credit card is not the answer.
78
Ben
25/01/2021 12:15:34 1 2
bbc
The law should be changed to have the additional protection applied by debit cards as well.

Then, if you can afford the item, why would you use a credit card?
74
25/01/2021 12:05:36 13 3
bbc
Debt: An important tool in the arsenal of capitalism; a way to enslave.

Debt: An inherent weakness of some people, who want what they can't afford.

Debt: An essential tool in maintaining consumerism and the transfer of wealth upwards in the food chain.

Debt: The only way that a consumer driven economy can flourish.

Debt: A profitable way to ensure inequality and hardship, whilst sucking blood.
87
25/01/2021 12:21:25 2 2
bbc
Simple answer to that rubbish, don't get one!!!!!
92
25/01/2021 12:27:04 1 1
bbc
Get interest rates back up where the6 belong and deter debt. This situation is deliberate theft from all the mass of decent people with cash savings and panders to the greedy that spend on themselves by borrowing grossly too cheaply. Aiming in many cases to steal the money by not paying it all back.
162
25/01/2021 16:52:17 0 1
bbc
Instead of all that left wing propaganda the simple answer is just dont get a credit card. Simple.
75
25/01/2021 12:05:36 12 0
bbc
Good. People should pay off their credit cards sooner anyway, due to the high interest being charged. This will help those who are not savvy enough to work it out for themselves.
80
25/01/2021 12:16:43 4 1
bbc
True, credit cards are not suitable for long term lending, and excessive borrowing using them excessively is just a way some people use to sort out problems with their financial problems, and it is those issues that need to be resolved and faced up to and dealt with.
76
25/01/2021 12:12:32 6 0
bbc
You can always rely on the banks to help you out in your time of greatest need.
This is in return for helping out the banks thirteen years ago.
166
25/01/2021 16:57:01 0 1
bbc
Some would argue that helping all these people out with all this credit is what caused the problems in the first place. Maybe they shouldn't help people out and we wouldn't have had a financial meltdown. But then what would you get to moan about then....?
77
25/01/2021 12:13:03 10 2
bbc
You pay more on a 10k credit card balance in interest than you would get from having 200k saved in the bank? Any Bank...

How Fantastical is that in UK Plc...
79
25/01/2021 12:16:01 0 1
bbc
Yup, see my post. A form of slavery.
90
25/01/2021 12:24:03 0 0
bbc
The low interest rates to ordinary people on their savings is the real crime. Getting into unsecured debt should cost a lot more.
165
25/01/2021 16:55:45 0 0
bbc
Simple solution... dont get a credit card and move your money to higher interest accounts. The reason people are in credit card debt and others have to put up with low interest rates in savings is because people are too lazy to switch and too lazy to work for what they buy
73
25/01/2021 11:58:15 10 0
bbc
A credit card should only be used for large purchases in order to have additional consumer protection. Otherwise if you cannot afford to buy something then do t buy it. A credit card is not the answer.
78
Ben
25/01/2021 12:15:34 1 2
bbc
The law should be changed to have the additional protection applied by debit cards as well.

Then, if you can afford the item, why would you use a credit card?
84
25/01/2021 12:19:33 1 0
bbc
There is a cost involved in giving that protection and that would need to be paid for, either by a charge of the debit card user or higher fees to merchants accepting them.
142
25/01/2021 15:25:42 1 0
bbc
I always use a credit card for all my day to day spending. My credit card has a modest limit so if anyone scammed my details in a shop etc there would be a limit on how much they can steal. Also it’s the bank’ s money they are taking, My cc has been set up to disallow cash advances to further limit any losses.
77
25/01/2021 12:13:03 10 2
bbc
You pay more on a 10k credit card balance in interest than you would get from having 200k saved in the bank? Any Bank...

How Fantastical is that in UK Plc...
79
25/01/2021 12:16:01 0 1
bbc
Yup, see my post. A form of slavery.
75
25/01/2021 12:05:36 12 0
bbc
Good. People should pay off their credit cards sooner anyway, due to the high interest being charged. This will help those who are not savvy enough to work it out for themselves.
80
25/01/2021 12:16:43 4 1
bbc
True, credit cards are not suitable for long term lending, and excessive borrowing using them excessively is just a way some people use to sort out problems with their financial problems, and it is those issues that need to be resolved and faced up to and dealt with.
81
25/01/2021 12:17:33 9 2
bbc
Stick to the terms and it won`t cost a peny interest, it`s called personal responsibility...
82
Ben
25/01/2021 12:18:11 2 0
bbc
For everyone pointing out the additional consumer protection provided by credit cards, why don't we change the law so this is provided by debit cards instead of credit? Then we can label credit cards as what they really are - DEBT Cards.
83
25/01/2021 12:19:22 3 5
bbc
The so-called journalist who wrote this sought opinions from a Leftie debt blogger, and a bloke looking to promote his £19.99/month, £219.99/year mental health app that no-one needs.

This 'news' website gets worse by the day.
86
Ben
25/01/2021 12:20:55 6 0
bbc
Don't use it then.
78
Ben
25/01/2021 12:15:34 1 2
bbc
The law should be changed to have the additional protection applied by debit cards as well.

Then, if you can afford the item, why would you use a credit card?
84
25/01/2021 12:19:33 1 0
bbc
There is a cost involved in giving that protection and that would need to be paid for, either by a charge of the debit card user or higher fees to merchants accepting them.
89
Ben
25/01/2021 12:23:22 0 0
bbc
The question to ask is, would that cost be greater than the interest applied from a credit card? If you don't have £500 in the bank but want a £500 thing, I imagine the several months of paying that off will accrue much more interest that any potential debit card charge.
85
25/01/2021 12:19:41 4 1
bbc
Legislation should be introduced to cap loan interest at no more than two to three times the rate banks pay savers. For example, if the average rate for savers is 0.2%, loan interest would be 0.4% to 0.6%.
94
25/01/2021 12:30:01 0 1
bbc
It should also be introduced to ensure that savings rates fluctuate at the same level as lending rates.
83
25/01/2021 12:19:22 3 5
bbc
The so-called journalist who wrote this sought opinions from a Leftie debt blogger, and a bloke looking to promote his £19.99/month, £219.99/year mental health app that no-one needs.

This 'news' website gets worse by the day.
86
Ben
25/01/2021 12:20:55 6 0
bbc
Don't use it then.
74
25/01/2021 12:05:36 13 3
bbc
Debt: An important tool in the arsenal of capitalism; a way to enslave.

Debt: An inherent weakness of some people, who want what they can't afford.

Debt: An essential tool in maintaining consumerism and the transfer of wealth upwards in the food chain.

Debt: The only way that a consumer driven economy can flourish.

Debt: A profitable way to ensure inequality and hardship, whilst sucking blood.
87
25/01/2021 12:21:25 2 2
bbc
Simple answer to that rubbish, don't get one!!!!!
179
25/01/2021 21:15:37 0 0
bbc
It is not rubbish, and I agree - don't get one! But if you think about the notion of debt as slavery... well, it is true. If you owe anything then you are beholden to who you owe it to. Do you freely keep all of your earnings? Well done if you answered yes, you are free, and not a slave.
88
25/01/2021 12:21:48 20 1
bbc
Pay it off every month or do not use it.

Minimum payments are only designed to keep you in debt as long as possible with their minuscule minimum payments. That is how they may money.
108
25/01/2021 12:54:00 5 6
bbc
"Pay it off every month or do not use it."

You've never been unemployed and had a major domestic appliance fail, have you?
84
25/01/2021 12:19:33 1 0
bbc
There is a cost involved in giving that protection and that would need to be paid for, either by a charge of the debit card user or higher fees to merchants accepting them.
89
Ben
25/01/2021 12:23:22 0 0
bbc
The question to ask is, would that cost be greater than the interest applied from a credit card? If you don't have £500 in the bank but want a £500 thing, I imagine the several months of paying that off will accrue much more interest that any potential debit card charge.
77
25/01/2021 12:13:03 10 2
bbc
You pay more on a 10k credit card balance in interest than you would get from having 200k saved in the bank? Any Bank...

How Fantastical is that in UK Plc...
90
25/01/2021 12:24:03 0 0
bbc
The low interest rates to ordinary people on their savings is the real crime. Getting into unsecured debt should cost a lot more.
91
25/01/2021 12:25:17 4 0
bbc
1000% - 2000% Loans were just ignored for the most part and should of been banned a longtime ago.

Personal Debt like the countries debt is out of control, but nobody wants to face the reality of the basket case our economy is without enormous sums taxpayer money supporting bonuses, dividends and house prices courtesy of BOE
74
25/01/2021 12:05:36 13 3
bbc
Debt: An important tool in the arsenal of capitalism; a way to enslave.

Debt: An inherent weakness of some people, who want what they can't afford.

Debt: An essential tool in maintaining consumerism and the transfer of wealth upwards in the food chain.

Debt: The only way that a consumer driven economy can flourish.

Debt: A profitable way to ensure inequality and hardship, whilst sucking blood.
92
25/01/2021 12:27:04 1 1
bbc
Get interest rates back up where the6 belong and deter debt. This situation is deliberate theft from all the mass of decent people with cash savings and panders to the greedy that spend on themselves by borrowing grossly too cheaply. Aiming in many cases to steal the money by not paying it all back.
178
25/01/2021 21:11:52 0 0
bbc
meh
93
25/01/2021 12:29:51 2 1
bbc
Wouldn't it be nice if we could also change the terms and conditions.

1) Interest at 0.1% to match investment interest.

2) On serving documents, 10% penalty charge to the bank for intimidating cardholders.

3) £25 consideration charge payable to cardholders for reading documents.

4) Repayment clause alteration, moneys to be repayable not before 2099.

Seems only fair!
85
25/01/2021 12:19:41 4 1
bbc
Legislation should be introduced to cap loan interest at no more than two to three times the rate banks pay savers. For example, if the average rate for savers is 0.2%, loan interest would be 0.4% to 0.6%.
94
25/01/2021 12:30:01 0 1
bbc
It should also be introduced to ensure that savings rates fluctuate at the same level as lending rates.
56
25/01/2021 11:31:23 2 1
bbc
How do you eat if no one showed you how?
95
25/01/2021 12:31:43 3 1
bbc
Babies instinctively put thing in their mouths. They learn what to eat and what not to eat in the same was that they learn to sit up, crawl, walk and talk. All without being shown.
96
Si
25/01/2021 12:20:08 10 0
bbc
Try to avoid borrowing from your future self. Your future self might not appreciate it.
97
25/01/2021 12:37:48 2 2
bbc
Encouraged (forced even) to use credit and then we're at the mercy of the credit providers.
123
25/01/2021 13:22:45 0 2
bbc
Forced?
98
25/01/2021 12:40:39 11 0
bbc
when the schools get back they really need to teach children about managing money, the dangers of borrowing, how to benefit from using credit cards, and sticking to a budget.
168
25/01/2021 17:09:00 2 0
bbc
This all sounds very sensible and simple. But what is being missed is that some people get into credit debt not due to ignorance but as a necessity, as a result of personal misfortune, loss of a well-paying job, bereavement, serious illness of themselves or a partner, or family. The debt builds up as they try to adjust. If they are unlucky, it spirals, as there is no improvement in their situation
99
25/01/2021 12:42:09 6 1
bbc
If you use a credit card and don't pay off in full each month, then frankly you will always be poor (or are so rich as to be stupid).

If you don't have the money then spend on a debit card.

Had a credit card for 40 years and NEVER failed to pay off in full each month. If you fall behind, stop buying, pay it off and then cut it up.
57
25/01/2021 11:31:44 28 0
bbc
Clear the balance every month else find a cheaper loan ...
100
25/01/2021 12:43:48 18 0
bbc
Exactly credit cards are great if you pay it off in full each month or if you are on a 0% deal. They are not for long term borrowing.