UK based Zopa, one of the largest P2P platforms in existence having loaned over half a billion pounds on their platform, has published a “Moneyfesto” gunning for the usurious financial structure many (not all – mind you) credit card companies employ to squeeze their customers. Of course the credit card industry is a realm that is ripe for disruption. Many credit card companies lure you in bogus perks and temporary rates and then swiftly pull the rug out from under you once you have racked up a good amount of debt and then they take you to the cleaners. Zopa calls this an “ambush” and we concur. If the credit card companies do not change their miserly ways – well then it is up to P2P platforms like Zopa – and others – to move into the space and fix it for them. This is all part of Zopa’s #BacktoBlack debt free push – which is a great marketing tactic.
- Some of the bullet points on the manifesto include:
- Stop selling services no one needs (nor are they ever used)
- Don’t raise limits on people who cannot pay
- Credit card companies should provide clearer information
- 0% transfer schemes are debt traps used to ambush consumers
The infographic is embedded bellow:
