Extortionate Credit Card Interest Rates.
Responsible department: Department for Business, Innovation and Skills
For the past three years we have had the lowest Bank Of England base rate of just 0.5% for 300 years, yet anyone with a credit card in the UK hasn't seen the benefit of this historically low rate. The banks and card companies are still charging rates of 20+% These extortionate figures are causing real hardship across the country. The Government should act to make banks reduce these rates, especially those banks that were bailed out by the Tax payer. Make no mistake.!! As soon as the base rate rises, so too will credit card interest rates. Mr Cable banking reform should also include a proper review of rates charged to customers! The banks can not justify double figure interest rates.
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