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Fool say credit card companies should help

Mon, 12 May 2008

The Fool.co.uk have claimed that credit card customers should be given a helping hand by credit card companies . With concerns in all sectors of the financial services market, from mortgages to personal loans, hard-hit credit card customers could be being overlooked.

The head of personal finance at the Fool, David Kuo, was reported in the news as commenting: "The Bank of England has trimmed interest rates three times since December 2007. But, despite the cuts, interest charges on outstanding credit card balances remain disgustingly high."

Kuo reportedly continued: "The typical annual percentage rate (APR) on popular credit cards is around 16 per cent, which is over three times higher than the Bank of England base rate . This means we are forking out £7.7 billion in annual interest payments - around £250 for every credit card holder a year."
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