Credit Cards Costing More
December 15, 2008
Credit Card companies are going against government warnings to make their credit card deals fairer to customers and face investigations by industry watchdogs if do not change their ways.
Despite there being three interest rate cuts to the Bank of England base rate, following an analysis carried out by the Independant, it looks like people are now paying more now than what they would have 12 months ago with interest rates now at 17.7% compared with 16.6%.
Lord Mandelson has given providers two weeks to help their customers with ways of managing their debts which was a topic discussed at a summit back in November. By Thursday the government is expecting providers to come back to them with how they intend to go about this and failure to do so may end in further investigation by the Office of Fair Trading.
Lib Dems Treasury Spokesman Vince Cable said “The Government has got to get tough with credit card companies determined to make a quick buck out the millions of people struggling to make ends meet. Tough words are worthless unless they are backed up with real action.”
On the Conservative side, business spokesman Alan Duncan said “The Government’s policy after the banks’ bailout has clearly not reached the credit card sector. It has done nothing to clamp down on credit card ownership – particularly by the most vulnerable people.”
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