Who loves ya baby?

Apparently, Gordon Brown does, despite what you may think.

News this week tells us he’s done it again and upset the crowds – telling us something has to be done to stop those of us struggling to stay in the black, racking up credit card bills as a band aid solution to our low bank balances.

Despite initial reactions being miffed, his tough love approach to credit card spenders is greatly needed.

For those not used to debt, curbing the lifestyle they’ve become accustomed to, may seem unnecessary if the belief is that the effects of “the crunch”  will only be a temporary problem.  The reluctance to give up all things luxury is dealt with by paying on credit card with the promise to pay it back later.  This might seem manageable for now, but it’s only a matter of time before the balance is so staggering they’ll have created a whole new definition for the Mile High Club!

To play the firm parental hand in this situation, this week Mr Brown confirmed new rules to stop lenders raising the limit on credit cards already in use – spelling out a warning for consumers in denial everywhere.

The intention is that people will be forced to micro manage their income and learn to spend in a more honest and responsible way, rather than relying on the rescue remedy of their friend, the credit card, who will only come back to bite them in the *** when they can’t meet their end of the bargain.

Whether it be via the ClearCash BudgetMaster, or a good old fashioned pen and paper list, the time has finally come when consumers MUST get to grips with what they’re spending, how and why.

Although such “rules” are welcomed by the CAB (Citizens Advice Bureau), and should, in theory, force people to face up to and deal with debt much quicker, I do wonder if policing the use of credit cards, is really going to help people understand that what they actually need to do, is spend less and more sensibly.  Is it possible, people will just see this action as another avenue closed; another wall closing in around them as the pressures continue to rise?

Rather than closing avenues to people desperate for help, instead, taking a hands-on approach and finding ways to teach the current generation of credit lovers to manage their funds in an age where few seem to have learnt to budget at all.

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