In a time of financial crisis, building up credit card debt is certainly not a good idea. The government, who are trying to manage the personal debt mountain in the UK, are being criticised for offering a branded Visa credit card at their conference in Manchester.
To get the credit card, consumers had to put down a £15 donation to the Labour party. However, with the high interest rate of 18.9 per cent, financial services experts have said that the move is inappropriate and that the party should not be encouraging consumers to take on further credit card debt .
The head of personal finance at Fool.co.uk, David Kuo, was reported as commenting: "We should never allow emotions to cloud our financial judgment. In the case of political affinity cards, politics and money just do not mix."
Labour credit card controversial
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Labour credit card controversial
Thu, 25 Sep 2008
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