The Bank of England steering committee are meeting today to discuss Interest Rates and are likely to drop the base rate by at least half a percent to 1.5%. This will be the lowest UK rate for over 350 years. Will it make a difference? Well certainly to those of us who have interest only mortgage repayments or large commercial borrowings, but only if these banks (source of all the current problems) pass this rate cut onto the us customers. If they don’t then the Government have simply increased the banks profits by .5 percent!
Which brings me to Credit Cards. Credit cards are the lifeblood of the Internet and the majority of transactions could not be achieved without them. They are the most used form of transaction and are essential to the free flow of the modern money supply.
So why are the pariah banks allowed to charge extortionate rates for this this form of essential credit? These anti-social institutions are charging you and me anything between 12% to 30% for the privilege. These Interest Rates are outrageous and it’s high time the Government cracked down on these thieves and brought them to bear to explain their ‘criminal’ loan shark rates!
It is essential that credit card rates are brought in line with all the other forms of borrowing if the Government is serious about pump priming the economy.
Write or email your member of parliament today to express your views about these outrageous and economy damaging rates.
The credit card debt in the UK is massive and needs to be addressed immediately if we are to stand any chance as a nation of dragging ourselves out of debt and recession.
If you are lucky enough to be still employed and have a large monthly credit card debt, think about how you are going to pay these extortionate bills should the worst happen and you lose your JOB. Personal Accident provides a range of income protection and lifestyle protection insurance products which will cover your credit card debt for 12 or 24 months should you become unemployed.
Visit Personal Accident for some future peace of mind and don’t forget – Write to your MP complaining about the loan shark credit card companies!