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| Will Brown help bring interest rates down? | |
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I like the rhymne of the title.. Bloomberg has reported that Gordon Brown has been trying to persuade banks and credit card lenders to cut their interest rates and cut the cost of borrowing. This seems to be in direct response to the Defaqto Media report that shows that of 240 credit cards studied, the average rate climbed by 0.4% between May 2008 and November 2008. A classic example is the Natwest credit card - which increased it’s average APR from 13.9% to 16.9%. With the current economic climate the prime minister was urging for “responsible lending” and instead of increasing the cost of borrowing, to help support people who were facing difficulties in servicing debt. Apparently households borrowed 285 million pounds on credit cards in September, and although this may seem a huge amount, it’s down around 30% from the same period last year. |
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| One Response to “Will Brown help bring interest rates down?” | |
 admin says:
November 13th, 2008 at 4:00 am
I’m going to elaborate on this post actually - because it’s fast becoming a big issue. Do you let consumers suffer and debt burdens grow due to credit card companies charging such high levels of interest compared to the base rate, or do you force the industry to cut rates, which will then have serious implications for the companies, and increase the potential of them going bankrupt, and the whole industry collapsing. Discuss… |
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