Credit card providers have been criticised for the high rates that remain on their products despite base rate cuts and many people facing tough financial times.
Lord Matthew Oakeshot, member of parliament for the Liberal Democrats, has lashed out at banks which refuse to lower interest rates on their credit cards, with some remaining in double figures.
Commenting on a Which? survey published today, revealing that credit card suppliers had put rates up over the last 12 months, Lord Oakeshot said that the new directors of taxpayer-owned banks have learned well from the "Fred Goodwin school of greed".
He added: "Paying these extortionate interest rates in the high teens destroys your financial health just like 50 cigarettes a day or 50 drinks a week. People should pay their credit card debts off for good as soon as they possibly can."
Financial advice website MoneyExpert.co.uk recently revealed that credit card rates were at their highest since the beginning of the credit crunch two years ago.
| credit card news |
|---|
| Late credit card payments growing - Wed, 21 Jul 2010 |
| Halifax credit card may not be right for everyone - Fri, 09 Jul 2010 |
| Credit card provider reveals parents hit by summer holiday premiums - Mon, 05 Jul 2010 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Income Protection Insurance
Get an instant quote with the award winning company
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Banks accused of punishing credit card customers
Wed, 22 Apr 2009
Recommended links
Compare credit card ratesCredit card advice guides
Compare credit card providers
Find the best credit card deals
Reclaim credit card charges
Credit card reclaim service
Student credit card offers
Credit card customers should switch for savings
Credit card holders want banks to tackle fraud
Egg looking for credit card profit, expert claims
Barclaycard freezes credit card rates
news content
Search
