Consumers should ask their credit card companies to cut the interest rate they are charging, it has been claimed.
David Kuo, head of personal finance at Fool.co.uk, explained that if credit card companies were to cut interest rates by just one per cent it would leave an extra £74 million in the pockets of consumers, something which would help ease the credit crunch.
"Fool.co.uk therefore urges card holders to ask their providers for a reduction in interest rates. Banks may want their cake and eat it, but we deserve a slice too, since we are paying for it," he said.
Despite the fact that the Bank of England had recently cut rates several times, the levels that credit card companies are charging remains "disgustingly high", he added.
Earlier this week, Mr Kuo stated that credit card companies still want offer credit people, but have tightened up their criteria to make sure that they are lending to the right kind of people.
News Side
Credit card providers urged to cut rates
Fri, 09 May 2008
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