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Learning the credit card lesson too late

As UK credit card interest rates and charges continue to rise it looks as though more and more people in the UK are ditching their credit cards and looking to rearrange their finances for the future. However, this sudden U-turn by many consumers may have come too late with more people in the UK suffering from significantly higher debt which they may well be unable to afford in the short to medium term. Personal bankruptcies and other debt repayment plans are set to soar over the coming weeks and months as more and more people are pushed to the edge of financial oblivion and placed under more and more pressure.

Despite the fact that the UK government has promised to tackle a number of issues within the UK credit card industry, i.e. interest rates and charges for consumers, very little has been done to date and for many people again it will be too late. There is a need to ensure that financially conscious consumers do not pay the price for those who have undergone "reckless spending" over the last few years and are now struggling to meet their liabilities.

However, this is very much a forlorn hope as it is already clear that UK credit card companies are looking to claw back as much of their loan write-offs as possible from those who are currently up-to-date with their credit card payments.

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