Another little step towards a cashless society.

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grenfell
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Re: Another little step towards a cashless society.

Post by grenfell »

jansman wrote:Another push towards cashless systems

Credit and debit card surcharges to be banned
http://www.bbc.co.uk/news/business-40648641
.
Yep , tiny incremental steps.
jansman
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Re: Another little step towards a cashless society.

Post by jansman »

Here ya go. Class action thrown out. MasterCard overcharging since God was a lad it would seem :lol: It would appear that the courts will overlook what the card companies charge. No PPI Payday on this one.

Mastercard £14bn 'overcharge' legal action fails
http://www.bbc.co.uk/news/business-40685711
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

Covid 19: After that level of weirdness ,any situation is certainly possible.

Me.
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Deeps
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Re: Another little step towards a cashless society.

Post by Deeps »

jansman wrote:Here ya go. Class action thrown out. MasterCard overcharging since God was a lad it would seem :lol: It would appear that the courts will overlook what the card companies charge. No PPI Payday on this one.

Mastercard £14bn 'overcharge' legal action fails
http://www.bbc.co.uk/news/business-40685711
Didn't want a massive repayment anyway, sniff, honest.

First I've heard of it but at the risk of being counter culture, nobody made me use my credit card.
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Plymtom
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Re: Another little step towards a cashless society.

Post by Plymtom »

Deeps wrote:
jansman wrote:Here ya go. Class action thrown out. MasterCard overcharging since God was a lad it would seem :lol: It would appear that the courts will overlook what the card companies charge. No PPI Payday on this one.

Mastercard £14bn 'overcharge' legal action fails
http://www.bbc.co.uk/news/business-40685711
Didn't want a massive repayment anyway, sniff, honest.

First I've heard of it but at the risk of being counter culture, nobody made me use my credit card.
The darn things make it too easy for people to live beyond their means, when used properly they can be a lifeline, but if you fall in to the trap and max out, consolidate etc, it's not good, and the companies do little to prevent this, because everyone being in debt is good for them, hell we even see people come on here and max out credit cards in order to jump start their preps , often stocking up on stuff they will never need before addressing the basic issues as well as throwing the lifeline of the credit away which would have tided them through a bad patch ;)
As you say no one makes us do it, but they do make it way too easy for us to do so :roll:
I have a strategy, it's not written in stone, nor can it be, this scenario has too many variables, everything about it depends on those variables, being specific is not possible.
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Deeps
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Re: Another little step towards a cashless society.

Post by Deeps »

Plymtom wrote:
Deeps wrote:
jansman wrote:Here ya go. Class action thrown out. MasterCard overcharging since God was a lad it would seem :lol: It would appear that the courts will overlook what the card companies charge. No PPI Payday on this one.

Mastercard £14bn 'overcharge' legal action fails
http://www.bbc.co.uk/news/business-40685711
Didn't want a massive repayment anyway, sniff, honest.

First I've heard of it but at the risk of being counter culture, nobody made me use my credit card.
The darn things make it too easy for people to live beyond their means, when used properly they can be a lifeline, but if you fall in to the trap and max out, consolidate etc, it's not good, and the companies do little to prevent this, because everyone being in debt is good for them, hell we even see people come on here and max out credit cards in order to jump start their preps , often stocking up on stuff they will never need before addressing the basic issues as well as throwing the lifeline of the credit away which would have tided them through a bad patch ;)
As you say no one makes us do it, but they do make it way too easy for us to do so :roll:
As you say, they can be a lifeline, I didn't get a CC until I was about 30 and was supposed to be deploying to the States (didn't happen in the end... that time) and asked for a limit of 500 quid, ended up getting a limit of 2K. Eventually I ran up the 2K but nobody put a gun to my head and I don't blame the CC company for it, just my own weak will. Much like the other aspects of the 'nanny state' that a lot of us aren't keen on, we need to look to ourselves and not put all the blame on 'da man'. I did have fun running up the 2K though, I didn't waste a cent, it all went on wine women and song. :D
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Plymtom
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Re: Another little step towards a cashless society.

Post by Plymtom »

Deeps wrote:As you say, they can be a lifeline, I didn't get a CC until I was about 30 and was supposed to be deploying to the States (didn't happen in the end... that time) and asked for a limit of 500 quid, ended up getting a limit of 2K. Eventually I ran up the 2K but nobody put a gun to my head and I don't blame the CC company for it, just my own weak will. Much like the other aspects of the 'nanny state' that a lot of us aren't keen on, we need to look to ourselves and not put all the blame on 'da man'. I did have fun running up the 2K though, I didn't waste a cent, it all went on wine women and song.
I think you have gone some way to proving my point, your weak will asked for a realistic £500 limit, they kept upping it or quadrupled it in the first place? they are no better than loan sharks, many people are weak willed, CC card companies and Banks are unscrupulous, we all ( who get into debt) blame ourselves and to a degree rightly so, but I'm afraid their system is no better than a trap, a con trick, once you go beyond a certain point ( a point at which they set your credit limit deliberately beyond, pretending to be helpful) you have entered a world where everything you buy, you pay for two or three times over, the fat cat wants you to blame yourself, whilst he sits smugly hogging the cream :lol: It's a trap, they know it's a trap, they set it for you, sure you can kick yourself for falling into it, but you've been hoodwinked and they get a bonus, no sympathy for the devil here mate, you were more victim than fool trust me.
I have a strategy, it's not written in stone, nor can it be, this scenario has too many variables, everything about it depends on those variables, being specific is not possible.
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Brambles
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Re: Another little step towards a cashless society.

Post by Brambles »

Off topic a bit but my credit cards (yep I have 2) are a tool I have used many times to buy high value items, including some silver for my pm stash. I use them as a form of interest free credit, I only use them when there is an offer on. Balance transfers etc and I always pay off in the lifetime of the offer.
Seriously it is all down to self control. I have access to a huge amount of money but I've never caved. It boils down to this; if you can't afford to pay the debt, don't spend the money. Or to put it anther way if you are happy to pay the debt where's the harm?
Life isn't about waiting for the storm to pass, it's about learning to dance in the rain~anon
jansman
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Re: Another little step towards a cashless society.

Post by jansman »

I think I was about 30 when I had my first credit card.I was shit scared to use it! I only ever let part of the monthly bill run over to the next in all that time.I had a windfall of firewood and my chainsaw died.I bought a new one on the CC.We were on our uppers at that time,but when I saw the £8 interest!!! I nearly died!.We have always paid it off in full each month.We only use it on the web too.Otherwise its cash or for The Duchess debit card.

That said: Debit cards are one thing, credit cards are next level.So many folks live beyond their means,and the CC makes debt TOO easy.My brother fell into that trap and ended up,ultimately, losing his house.Our neighbour admitted to my wife that she has maxed 4 cards out and used one to pay the mortgage last month! Some years ago Jan sorted this neighbour's finances out.She keeps an old fashioned ledger which details everything in and everything out.And I mean everything.This neighbour had more coming in than us combined,working part time! Anyhow,she got her on the straight and narrow using her old fashioned envelope system.It did not last long,and she's even worse off now.As Mrs J put it,"lazy and undisciplined ".but I digress.

Of course,( as already pointed out by Plymtom),the card companies want you to be indebted. Also,the entire global economy runs on debt.To( me) the future doesn't look rosy.
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

Covid 19: After that level of weirdness ,any situation is certainly possible.

Me.
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Deeps
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Re: Another little step towards a cashless society.

Post by Deeps »

Plymtom wrote:
Deeps wrote:As you say, they can be a lifeline, I didn't get a CC until I was about 30 and was supposed to be deploying to the States (didn't happen in the end... that time) and asked for a limit of 500 quid, ended up getting a limit of 2K. Eventually I ran up the 2K but nobody put a gun to my head and I don't blame the CC company for it, just my own weak will. Much like the other aspects of the 'nanny state' that a lot of us aren't keen on, we need to look to ourselves and not put all the blame on 'da man'. I did have fun running up the 2K though, I didn't waste a cent, it all went on wine women and song.
I think you have gone some way to proving my point, your weak will asked for a realistic £500 limit, they kept upping it or quadrupled it in the first place? they are no better than loan sharks, many people are weak willed, CC card companies and Banks are unscrupulous, we all ( who get into debt) blame ourselves and to a degree rightly so, but I'm afraid their system is no better than a trap, a con trick, once you go beyond a certain point ( a point at which they set your credit limit deliberately beyond, pretending to be helpful) you have entered a world where everything you buy, you pay for two or three times over, the fat cat wants you to blame yourself, whilst he sits smugly hogging the cream :lol: It's a trap, they know it's a trap, they set it for you, sure you can kick yourself for falling into it, but you've been hoodwinked and they get a bonus, no sympathy for the devil here mate, you were more victim than fool trust me.
I still don't see it that way Tom, I did learn from it, I think my CC limit is about 13 or 14 grand now and I've got about a grand of debt on it. I buy everything online on it and sometimes the flexibility of not paying it all off that month is handy. Much as we rally against knee jerk reactions to knife bans etc, blame the bad users, I see it the same way with CC's, they're a useful tool but not everybody is responsible with them.
grenfell
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Re: Another little step towards a cashless society.

Post by grenfell »

Not being an economist it can be hard to get one's head around the world of finance. I've always taken a similar line to jansman in that I've tried to stay out of debt. I use a debit card but not a credit card , I saved the money plus a bit from my parents to buy my first house and when we brought our second we only had a small mortgage for around six months which we paid off when we sold the first house. We also put a substantial chunk into my SIL's house without a mortgage and now also own my parents house outright. All well and good one might think , 2 1/2 houses paid for , everything else paid for , vehicles belongings everything , no debts at all. However , an economist might see it differently. Debt is seen as an asset , debt backs up our monetary system in just the same way as gold used to and I've done precious little to increase that asset (on a system basis not personal ) whereas Deeps with his thousand debt on his card has in effect created wealth , albeit not for himself but for the system so very altruistic of him .