Higher Credit Card Debt with women who have pms

An interesting study by Karen Pine at the Herfordshire University has shown that when women experience impulse buys its usually during that time of the month that women menstruate. Women on average (sample of 400) overspent by up to £250 during this phase. Now this is a another example of a study that has been commissioned that doesn’t really warrant the money spent on it.

Credit Card debt is currently a very hot topic at the moment and I am sure there are many more reasons why women or even men are overspending on their cards at the moment. Statistics actually show that over the last 2 months the amount of debt that has been paid back into credit cards has increased dramatically. The amount of savings has also increase so it is evident that people are trying to reduce their debt were ever they can.

Going back to the buying habits of women it has however been suggeste dthat if you do all of a sudden feel the urge to pop out and buy something you don’t need then rather opt for a swim or go for a run. Great advice don’t you think.

The typical household carries about £10,000 of unsecured credit card debt, this accotding to Credit Action.

Lloyds TSB Encourages Card Holders to Gamble with borrowed money

Lloyds TSB one of the banks that was bailed by billions of tax payers money is encouraging people to gamble with their credit cards. It is claimed that a letter that was sent out by Lloyds suggested that its customers can borrow 50% of their credit limit and spend it on ‘transactions such as gambling’ It also went so far as to include its Classic Credit Card holders saying they can buy gambling Chips.

This all sounds very irresponsible from such a big name in banking however it came to light when a letter was sent to a 22 year old, who no doubt remains anonymous. The 22 year old man was given a credit card with a spending limit of £1,000. In the letter is stated that the young man could use £500 or 50% of his limit on transactions such as gambling, the purchase of foreign currency, money orders and gaming chips. The interest charges on such a cash withdrawls is 24.9%

A Lloyds spokesman said ‘We treat gambling and cash-related transactions, such as the purchase of gaming chips, as a cash withdrawl, which is why its is included in the sentence, but we are concerned it could be interpreted as encouraging irresponsible use of a credit card.

Before all this is taken out of context it is common sense not to use your credit card this way. Lloyds no doubt have a red face over this one but these types of things do happen. The wording is important in the fine print but I don’t believe there would be many people who honestly believe the letter was intended to promote gambling. You make your mind up.