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Saturday 15th November 2008
As we have covered on a number of occasions over the last few days there is major concern that the UK credit card industry is failing to pass on significant cost savings to customers thereby increasing the risk of many in the UK falling into severe financial trouble. Even though Gordon Brown recently made a call for credit card companies to pass on recent interest-rate reductions it seems to fall on deaf ears and as yet there has been no movement whatsoever.
The main problem is the fact that UK personal debt has never been higher than it is today and more and more people are struggling to pay off even their interest let alone the capital which they owe on their many cards. In the recent past many people had assumed the rise in value in their home would be their insurance policy in times of trouble but with no buyers around in the UK and prices falling sharply this is an avenue which has disappeared for many.
In many ways the government seem to be chasing their tails in that they placed pressure on the banks to pass on mortgage rate reductions and when this final happened they find out that credit card interest rates are still high and attack this sector. When will this cat and mouse game end? |
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