Show me the money

[Joe1234]

Does anyone know why Eddie Hobbs always makes a ceremony about physically cutting up credit cards for overspenders. Surely by cutting up the card, the account is still active and therefore liable for stamp duty each year. Without the actual credit card it is still possible to make online or phone purchases by remembering the expiry date and gettign the card number from the monthly statement.

 

[jhegarty]

Does anyone know why Eddie Hobbs always makes a ceremony about physically cutting up credit cards for overspenders. Surely by cutting up the card, the account is still active and therefore liable for stamp duty each year. Without the actual credit card it is still possible to make online or phone purchases by remembering the expiry date and gettign the card number from the monthly statement.

I'd presume it's just symbolic....

 

[stuart]

It adds to the drama of the programme, riveting stuff

 

[Ikeanoamback]

It is good TV but I presume it also creates the image of the destruction of that particular source of credit in the individuals mindset, therefore taking away the availability on reliance on the card, and Eddie seems to really enjoy it!!!!!!!

 

[ClubMan]

I always presumed that it was for the purpose of (a) dramatic effect and (b) concentrating the client's mind on what they were doing. I also assumed that the card cutting ceremony was followed up by closure of the account to avoid ongoing stamp duty charges. Credit cards are great cashflow management tools but where people start relying on them for excess expenditure beyond their means and/or for long term credit then drastic action (i.e. getting rid of the card/account) is generally required until such time as the person regains control of their finances and learns how to use them in a more disciplined manner. I reckon that many people don't realise that they can still transact "non card present" business using just the card number, expiry date and validation code and fewer note these details down separately anyway.