Many of us live in a plastic world these days. Those credit cards in our wallets or purse can be a convenience when we are out shopping and for some they can be a life line in tough financial times.

But do you ever get the feeling that the Credit Card companies make the rules up as they go along? And why should they be allowed to change the price of any credit you have taken out, whenever they feel like it?

Does it worry you that they seem to push credit and store cards towards people who often cannot manage the debts they build up? Or that they offer incentives to people to increase their debt and then show little sympathy to people who get into trouble?

These are the questions the Government has been asking. So is it time to change the rules?

Ministers want to ban unasked for credit card cheques and the practice of increasing credit limits without prior consent. They are also proposing restrictions on increasing the interest rate on existing debt and want to change the rules so that the most expensive debt on your credit card is paid off first, because at the moment most credit card companies make you pay off the cheapest debt first so that they make more money out of you.

I’m particularly excited by the possibility that the companies could be banned from re-pricing existing debt. After all no other company is allowed to change the price of something you’ve already bought after you get it home so why should consumers using their cards responsibly and making payments on time pay the price for excessive risk-taking by financial institutions?

At present these ideas are out for consultation and a decision on them won’t be made until the New Year. However, the way I see it, people have a responsibility to manage their finances properly but they also have a right to clear information and rules that are not tilted towards the banks and card companies. We should get on with making changes as soon as we can and I’m delighted the Government sees it that way too.