Curb On Credit Debt

According to IFA Promotions, the organisation that promotes independent financial advice to the public, credit card borrowing is shortly to be curbed.  In an attempt to stop people borrowing more than they can realistically afford on credit cards, a new system is being launched.  Credit card companies will share their information about a person with other credit card companies.  This way, if a person applies for a new credit card the new company will be able to check balances on other credit cards and may refuse the application if they feel the borrowing would be excessive.  Obviously this new system has potential ramifications for the protection of personal data as lots of companies could be in possession of your details.  The big brother is watching syndrome.  However, if the system helps to stop people falling into large amounts of debt it should be welcomed, as long as the system is administered effectively.  Worried about debt?  Need some low cost help and guidance?  Try our 'Ask An Adviser' service.