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Will the new credit card code help you?

Yesterday's announcement of an agreement between the government and the credit card companies of the UK has been welcomed across the board but there are concerns that some consumers will see this as a signal to start spending again. While the government may like the idea of increased consumer in the short term, the idea of the credit card code was to stop people getting into more financial trouble and give them the chance to reduce the pressure.

If more and more UK credit card holders decide to go on a spending spree the situation could get very much worse before it gets better. As Christmas approaches and incomes across the UK continue to fall there is concern that consumer spending levels will at least match those of 12 months ago and a greater level will be funded by debt.

Credit card companies are in a very difficult situation because they do not want to be seen to be making the matter worse but then they do not want to encourage reckless spending in the short term which helps nobody. The government would rather see a balance between the two with consumers given a chance to pay down their debts at lower interest rates while trying not to increase reckless spending.

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