What is advisable for credit card companies is to have a warning on the credit cards, just like cigarettes have. The card should make the user aware of the high repayment costs. This kind of warning should be printed on all credit cards that have an interest rate of more than 10 % over the base lending rate of the Bank of England. It is high time the shoppers get the protection they deserve and the practices of the credit card companies be investigated by the Office of Fair Trading. It is believed that a step needs be taken in the UK in a similar manner as it has been taken in the US.
According to Spowart
The US government has put in legislation about the cost of gambling - it’s time we did something in the UK about credit cards. What other consumer industry in the UK is allowed to make a 200% mark-up, then some more? Why are they getting away with this?
