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Jim Spowart, who set up Intelligent Finance, has told chancellor Gordon Brown
that he believes all credit cards with interest rates 10% higher than the Bank
of England's base lending rate should carry warnings about their high repayment
costs.
In a statement, Mr Spowart explained: "Credit cards are an essential part of our
everyday lives but there is no justification for this other than pure banking
greed.
"What we need is legislation in the UK which would insist that lenders highlight
the fact that they are charging 200% about the Bank of England's base rate."
A spokesperson for HBOS argued that the rate warning proposal is not a good
idea, stating: "There isn't really a natural link between credit card rates and
bank base rates.
"It's a different sort of borrowing and credit cards are assessed differently."
Source:
Getting Paid
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