James O'Brien vs Labour's plans for credit card debt

James O'Brien 25 September 2017

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[mgrimble]

To the scumbag saying if you're smart you never pay the interest, the only people that can get the interest only switch deals are people that can afford to repay the debt in the first place. The people that would benefit the most from 0% interest balance transfers have no access to them.

[Sir-Lister-Of-Smeg]

I like his Idea also a financial education in school would be a very good idea (Bones, shears, Credit, funds, pensions). Have a credit card never use it. In stead at 21 opened a Investment Fund @ max risk av 10% accumulative last 10yrs and just save up and buy stuff.

[johnhobbes]

Hey James. Creating a cap on the loans is problematic because you have to consider the Inflation. I Think it would be more reasonable to reform the personal insolvency. As a German i don't know the British law. But if there is an easy to get rid of all your loans the credit companies would be more careful. Another possibility would be state supported refinancing. So they get reasonable interest rates.
About the AFD, Nigel Farage went there to support them. So much for "not meddling in foreign elections"

[cryvn]

Nice idea.
Those who had fun, bought everything they wanted, never saved, never made sacrifices...will be REWARDED by giving them a clean slate.

And if you did save up, did not spend willy nilly and ate like a miser to afford what you NEEDED ( not what you wanted ) ? Well then you're a sucker.

[StewFairweather]

James shouldn't be so concerned at "sounding like a communist". Communism really isn't the authoritarian Stalinist Russia or Moaist China. They're anathema to Marx for example. In fact, Marx's criticism of capitalism stands today. The same goes for the Frankfurt school and imminent critique. Odd that a graduate of LSE like James appears unable to reconcile this. Or perhaps it's not surprising given the dominance of one ideology over academic institutions.