Tomorrow’s Borrowers – Report

[Legal Beagles]

Part of the problem seems to be that Britain has not had a meaningful public conversation about credit dependency. It has become an unspoken part of our national life. This surely needs to change. There needs to be a concerted national campaign designed to bring the issue out into the open and change attitudes and […]

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[Amethyst]

Re: Tomorrow’s Borrowers – Report

'' Government could also assist with the mass development
of so-called “jam jar” accounts that allow customers to split their account balance
into separate budgets for spending, saving and bill payment, with real-time alerts if
problems arise, supported by access to trained money managers to provide budgeting
advice. Where appropriate, these can be linked to existing support networks that
have an interest in a household keeping on top of its finances, such as credit unions,
social landlords or debt advice agencies. ''


Like that'd happen.....Banks are there to make money - as we very well know they aren't afraid to destroy consumers to make money out of them.

[Amethyst]

Re: Tomorrow’s Borrowers – Report

Report Launch - some interesting discussion according to Twitter from @AndrewSmith and @Stepchange



@stellacreasy says every consumer should know who has their data and what! #tomorrowsborrowers



[*] StepChange @StepChange 28m
Final Qs, been a lively debate. Thank you @smith_institute @TheFCA @stellacreasy @BarclaysOnline #tomorrowsborrowers pic.twitter.com/NbKK4h20E4



[*] Andrew Smith @Andrew_F_Smith 29m
@AskJames says all 3 credit ref agencies looking at real time credit info. But it's challenging! #tomorrowsborrowers



[*] Andrew Smith @Andrew_F_Smith 35m
Agree with @stellacreasy esp for lowest income borrowers. Mid income borrowers can be helped to avoid going this low #tomorrowsborrowers



[*] Andrew Smith @Andrew_F_Smith 38m
@stellacreasy makes point many take high cost credit knowing they cannot afford it but must have it to make ends meet #tomorrowsborrowers



[*] StepChange @StepChange 43m
Real time lending data key debate here. @TheFCA seem a bit apprehensive at the moment, @stellacreasy strongly in favour. #tomorrowsborrowers



[*] Andrew Smith @Andrew_F_Smith 43m
...these groups are dependant on decreasing benefits @YourMoneyAdvice #indebtedlives show credit used to make ends meet #tomorrowsborrowers



[*] Andrew Smith @Andrew_F_Smith 46m
#tomorrowsborrowers Lord Stevenson says @resfoundation estimate income of bottom 2 deciles needs to go up by 10% to make ends meet ...1of2


[*] Andrew Smith @Andrew_F_Smith 52m
Key to affordability assessment for short term lending is accuratereal time info is it coming @AskJames? #tomorrowsborrowers



[*] Andrew Smith @Andrew_F_Smith 1h
Key future personal debt concept = solvency at point of lending? But people's circumstances change after borrowing! ##tomorrowsborrowers



[*] Robbie de Santos @robbieds 1h
.@stellacreasy talking about crazy cost of living in constituency. Some locals paying 60-70pc of income on housing costs #tomorrowsborrowers



[*] Andrew Smith @Andrew_F_Smith 1h
Barclays say comments criticising overdraft charges are fair and they are reviewing theirs. #tomorrowsborrowers



[*] StepChange @StepChange 1h
We're just about to hear from @stellacreasy on #tomorrowsborrowers, you can read the full report at @smith_institute: http://www.smith-institute.org.uk