Forum | Money Saving Expert provides up todate information and advice to help you improve your family finances http://www.talkmoneyblog.co.uk/forum/whos-responsible-for-the-credit-card-debts Simple:Press Forum Version 3.1.3 Janet on Credit Card Debts! http://www.talkmoneyblog.co.uk/forum/whos-responsible-for-the-credit-card-debts/credit-card-debts/page-1/post-21/#p21 Who’s Responsible for the Credit Card Debts? http://www.talkmoneyblog.co.uk/forum/whos-responsible-for-the-credit-card-debts/credit-card-debts/page-1/post-21/#p21 Hi Mark,

I have a question for you.  Why is it that although the Bank of England keeps dropping the interest rates, the interest rates of credit cards keep going higher & higher? I was talking to someone last week that told me although he had taken out a credit card on a 0% to August 09, he was late paying his minimum payment (by one day),  the credit card company wacked his interest rate up to 34.9%! Can they do that?


Janet



]]> Thu, 08 Jan 2009 06:22:05 -0600 Mark on Credit Card Debts! http://www.talkmoneyblog.co.uk/forum/whos-responsible-for-the-credit-card-debts/credit-card-debts/page-1/post-6/#p6 Who’s Responsible for the Credit Card Debts? http://www.talkmoneyblog.co.uk/forum/whos-responsible-for-the-credit-card-debts/credit-card-debts/page-1/post-6/#p6 My own thoughts are that the credit card companies and the credit card holders are both responsible for the credit card debt. However, I believe that the credit card companies have a duty to act responsibly and they should take the biggest part of the blame for the ever increasing credit card debt problem.

Consider this case below: - Found in the archives of the guardian.co.uk from Jan, 2006

A 50 year old warehouseman earning £150 a week has managed to run up debts of more than £100,000 across nine personal loans and it is claimed that he has a poor understanding of financial matters and no hope of ever repaying any of the loans. To read more please Click Here!


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