Greater Protection for people with credit card debts
Greater protection for people with credit card debtsPeople who face losing their homes because of debts on credit cards or loans could soon get greater protection. The BBC reports how The Ministry of Justice is looking at whether to set a minimum amount of debt before a court can order the sale of the home. The economic downturn has added to the number of people facing difficulty with loans, prompting the latest consultation. Justice Minister Bridget Prentice says "We know that only a small proportion of charging orders result in the property being sold, so it is rare for a debtor to lose their home because of things such as unpaid credit cards". A great way to monitor your spending is to use prepaid credit cards. Unlike traditional credit cards you pre load them so you can never go over your spending limit.