October 26, 2009
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News: London's Prime Minister; Stop Now!
London's Prime Minister has waged a war against credit card companies and promises the results will not be taken lightly. In his empowering podcast statement on Saturday, Prime Minister Gordon Brown pledged to turn Britain's economy around by the end of the year. Two main concerns that Brown believed to be of vital importance in the economy's recovery are a necessity to end the deceptive practices of the credit card industry and to prevent citizens from getting deeper into debt. Brown warned the credit card industry that new rules regulating the industry's activities and aimed at protecting borrowers will be announced shortly; maybe as soon as the end of the week.
The credit card industry was not the only entity targeted by the Prime Minister; warnings also went out to lenders who have been taking advantage of home mortgage and loan customers. Also included in the new rules would be guidelines for lenders to assure that borrowers were not being deceived into contracting for home loans that they aren't able to repay. This practice in combination with the unfair practices of the credit card companies by raising interest rates to loan sharking levels and luring customers with unsolicited card cheques has strengthened the longest running recession in over 50 years. The Prime Minister supports a need to keep credit flowing to the personal and business sectors to help them ride out the “most challenging times in a generation.”
Britain has seen a reduction in its gross domestic product for the past year and a half. Recently, the country has begun to see modest signs that the economy has begun to turn around, however, Prime Minister Brown notes that they must remain cautions. While Brown pledged to make credit card reform a reality, he also added that because of a global joint effort, a second “Great Depression” has been arrested.