Borrowers of credit card companies are in difficulties

According to information mentioned in consumer watchdog “Which?” in the middle of a recession it became difficult for credit card owners to repay their debts. The reason for such an event became alteration of the terms and conditions of credit cards provided by 28 popular credit card companies. In most cases the interest rates or other charges on credit cards was increased, or repayment and interest-free periods were reduced.

Consumer watchdog Which? money editor Martyn Hocking mentioned that at this difficult times credit card companies have to alter their terms and conditions even if it’s not favourable for the borrowers. This statement confirms that it’s very important for the borrower to be careful with spending and repay the credit card balance on time. Also it’s advisable to shop around for better credit terms and conditions as today credit card companies have a great number of competitors and choosing the most advantageous terms can prevent credit card owners from quick debts accumulation.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.