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Capping of Credit Card Interest rates

Comment 1st July 2010

The  credit card companies are praying on those who are unable to repay their cards in full each month.  The interest rates charged have no bearing to the Bank of England's interest rates and are just making those less well off even poorer. There can be no justification other than greed to charge interest at rates of between 15 and 19%. The card companies should reduce their rates to a more affordable level to allow those who wish to reduce their debt, the chance to pay off their cards without paying huge sums extra in interest over a longer period of time.

Why does this matter?

To give the chance to allow those less well off in society ,the ability to reduce and pay off their card debts without sliding into even more debt. It would also  help families who are already struggling to cope with reduced household income due to increased living costs.

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