Credit customers 'need to look after own finances'

Credit customers 'need to look after own finances'There is no need to install a central watchdog service to monitor and supervise credit rates, one sector commentator has claimed.

Chris Tapp, director of Credit Action, said it should be up to consumers to manage their own finances.

His comments come after it was revealed that credit cards rates have hit an all time high of 18.8 per cent, leading finance expert Ros Altmann to tell the BBC there could be a case for a regulator to oversee the rates lenders charge.

Despite the Bank of England base rate standing at just 0.5 per cent, credit card rates are still high, with many banks claiming this is because customers are defaulting on payments.

Mr Tapp said: "The companies should be able to charge whatever they like. If credit cards are not competitive, then people should refuse to use the product."

Britons who are keen to pay off their debts and begin saving may find flats to rent in Fulham or elsewhere in London are an affordable option.

By not having to worry about how changing interest rates will affect a mortgage, rental accommodation could provide the perfect opportunity for consumers to save some money.

Written by Chris Price

Published 23rd February, 2010

© 2010 Estates IT Limited

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Credit customers 'need to look after own finances'

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