Banks must stop ripping off credit card customers (Wantage and Didcot Liberal Democrats)

Wantage and Didcot Liberal Democrats <info@wantagelibdems.org.uk>

Banks must stop ripping off credit card customers

April 25, 2009 8:38 AM

Banks have increased credit card charges while interst rates have fallen

Liberal Democrat Treasury spokesman, Lord Oakeshott, commenting on a Which? survey which reveals that most major credit card companies have put up interest rates and charges in the last twelve months, said: "The new bosses at Royal Bank of Scotland are fast learners in the Fred Goodwin school of greed. These taxpayer-owned banks must stop spanking their credit card customers. Paying these extortionate interest rates in the high teens destroys your financial health just like 50 cigarettes a day or 50 drinks a week."

He advised people with credit cards to pay off their credit card debts for good as soon as they possibly can, adding: "The Financial Services Authority should warn these banks and all financial advisors not to sell any pension or savings product to anyone paying these sky-high interest rates. It's blatant misselling if you get people borrowing at 17% to invest for an expected return of only 7%."