The country’s credit card debt is rising!.

March 4, 2010

The latest Bank of England figures showed that in January people owed a total of £61.5bn to credit card companies.

This currently is an increase of £8bn on last year. The current interest rates being charged on overdue balances is 18%! This means that credit card holders are being expected to find over £900m in interest every month.

Experts say that credit was not a problem “when it is used responsibly”. The vast majority of credit card holders behave responsibly and around two-thirds of them pay off their balance in full every month.

On numerous occasions it is the case that credit card companies and store card companies are behaving irresponsibly in the way they are encouraging people to get into debt.

The Government had just finished a consultation on “credit and store card practices” and the response would be published on April 20.

A retired professor of economics, added “Is it not just case of people having to learn, as the Government itself has learned, that if you borrow, you eventually have to repay it.

Blaming the credit card companies, in my judgment, is not always the case. It is people themselves who have be told that ‘I must have it now’ is not a satisfactory way of buying.

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