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Government Legislation

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People need to ensure they pay off their credit card debts as soon as possible, it is warned.

Liberal Democrat Lord Oakeshott says the banks must stop making credit card customers pay high interest rates and he is urging people to consider their outgoings.

"Paying these extortionate interest rates in the high teens destroys your financial health just like 50 cigarettes a day or 50 drinks a week," he reveals.

Lord Oakeshott urges the Financial Services Authority to warn the banks not to sell savings products with high interest rates in a bid to help people with their finances.

He adds that, at present, banks are guilty of mis-selling by providing products at a rate of 17 per cent, for the individual only to receive a seven per cent return.

UK Consumer spending on plastic cards totalled £32.3 billion in December 2008, a 0.3 per cent rise compared to December 2007, Apacs recently announced.

It also discovered that spending on credit cards decreased by 4.8 per cent in December 2008, compared to a 1.3 per cent drop the previous year.

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