Tuesday, 14 October 2014 22:44

Roll over loans to be banned

Roll over loans are to be banned in the new year according to news report. OK, here is a really really obvious objection to politicians. One of the biggest forms of lending in this country is Credit Card borrowing which is erm.... all about rolling over loans until the next month. Surely they can't be seriously suggesting that they are going to ban credit card borrowing unless a borrower pays it off in full each month.
We can only imagine the look of horror on the faces of 10 million credit card borrowers as they are told that their balance needs to be repaid each month. We don't think the politicians have really thought this through again. It's actually quite funny to watch them running about trying to ban things with no idea how to handle the fallout. We would recommend to them that they stop chasing the ratings with gimmicks and start to make some really changes that will help people.