Friday, 8 February 2008

Are credit card companies over extended?

Are the credit card companies feeling the pinch more than they would care to admit?

In the last decade or so, many of us will have been aware of credit card companies thrusting increased spending limits on people, when they are nearing their current limit and use of the card has slowed.

We are all unfortunately used to what you might call postal SPAM, urging us to take out new cards together with partially completed (where do they get the details?) application forms that we then have to destroy in order to avoid the threat of identity theft.

Recently I have become aware of instances of credit limits being reduced, presumably because of some new panicked arcane algorithms applied to the owners spending habits.

I became aware of a new one the other day though. A credit card actually pulling out of the agreement - for no discernable reason at all. The person pays all their bills on time. In withdrawing the company wrote assuring that there was no problem with the person’s credit record and they could continue to make payments (how kind of them).

Given the current financial climate the owner had prudently cut back on using it and was just making the regular payments in order to reduce it. With the intent of maintain this until some assets were freed up and they could clear the card - though it is surely unlikely the card operator could have known this. Though it does rather smack of breaking up with someone before they can call it off with you.

One can only conclude that the company may be becoming slightly desperate and also possibly needs to look more carefully at it’s computer algorithms as they have lost the sort of reliable customer one would think they would be desperate to hang on to.

Let's hope we arn't going to see any more 'Northern Rocks' too soon - Do we all need to worry more than the Government would have us believe?

It would be interesting to know if anyone can add to this.

Quote of the day

" With or without it, you'd have good people doing good things and evil people doing evil things. But for good people to do evil things, it takes religion."

Steven Weinberg

Arch Bishop suggests adoption of aspects of Sharia Law in the UK

About now there must be quite a few people, especially in the corridors of power and possibly within the Anglican Church tuning over the phrase: “Will no one rid me of this turbulent priest?” in their minds - or possibly paraphrasing it and substituting turbulent for pestilential.

Not content to be presiding over the apparent disintegration of the Anglican Church the Arch Bishop of Canterbury Dr Williams has chosen to start stirring things up by unhelpfully suggesting the adoption of some of Sharia law in the UK appeared to be “unavoidable”, attracting criticism from across the (rather narrow these days) political spectrum.

Such comments can only put back the possibility of Moslem integration into British society.

He did raise some valid points in his speech, identifying problems - but his conclusions, solutions and ideas; betray him as misguided, weak and rather foolish.

If the law of the land does not apply equally and fairly for all then it is not the law of the land at all. Ghettos where different laws apply will just entrench the no-go areas the Bishop of Rochester, Rt Rev Michael Nazir-Ali spoke of.

Better we separate religion from the state formally and entirely.

Parliament should be the place the law is decided and it should be uniform - though unfortunately that is becoming less so, as more and more, actual power, is brazenly transferred to the EU, amid political denial.

It seems almost traditional now that Arch Bishops of Canterbury will say something controversial from time to time, possibly in an attempt to appear ‘relevant’.

But maybe it is time for this one to consider stepping down in favour of a more capable pair of hands – and who knows – converting ;-)