Credit card shoppers could set up trigger limits to stop spending binges
An 'off switch' could be added to people's credit cards, limiting when and how much they spend in future
COMPULSIVE spenders could be given the opportunity to sign up to a scheme offering an ‘off switch' on their credit cards.
Bosses at Barclaycard said big-spenders could be prevented from spending at certain times of the day or night when their splurges peak.
Paul Lockstone, managing director of Barclaycard, told BBC’s Radio 4 You and Yours programme: ‘The challenge is always going to be finding a way to look after the people who need that protection and encourage them to take advantage of it.’
A spokesperson for Barclaycard told The Sun Online the proposed scheme could be ‘managed through the Barclaycard mobile app.’
Barclaycard said that while it doesn’t currently have the technology to roll out the concept, it is ‘investigating’ the idea.
As well as turning the taps off people’s credit times at certain times, Barclaycard said it could also impose a temporary cap on the amount people can spend over a 24-hour period.
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The temptation to spend online and in shops is growing all the time, with millions surfing the web for bargains into the small hours, particularly over the Black Friday and pre-Christmas period.
Many retailers, including Amazon, often email people details of their latest deals at night.
Using official data, recent research by Flubit revealed how millions of British shoppers spend hefty sums while under the influence of alcohol at night.
Some of the most outlandish and costly drunken purchases made online include a £6,500 Volvo car and a didgeridoo.
One-off drunken splurges aside, experts say excessive spending on credit cards can be linked to mental health issues and cause people to run up huge, unsustainable debts.
Commenting on the 'off-switch' proposal, Polly Mackenzie, director of the Money and Mental Health Policy Institute, said: ‘We really like the idea. There is a huge issue of compulsive spenders, but at the moment these sorts of controls are just not available.’
Polly added: ‘Problem spending on credit cards does not necessarily mean spending £20,000 in one go, it might be £30 on a takeaway for the kids.’
She said: ‘Visa and Mastercard say they have the technology to make it work.’
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