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. Â Of course the credit card industry is a realm that is ripe for disruption. Â 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. Â Zopa calls this an “ambush” and we concur. Â 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. Â 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:
