» Tuesday, December 9, 2008

Credit Card Summit

Asked about the credit card summit and whether the political parties were profiting from credit card companies, the PMS said that questions in relation to the behaviour of political parties were best addressed to the political parties themselves. Asked if the Prime Minister thought it was wrong for political parties to profit from 20% interest on a credit card, the PMS said that the Prime Minister believed that any questions about the behaviour of political parties were best addressed to political parties.

Asked if the Prime Minister was concerned that the major credit card companies had not cut their interest rates despite the credit card summit two weeks ago, the PMS advised people to see how things progressed in the days and weeks ahead. The Government said at the time of the summit that it would respond to the issues raised at that summit in the following few weeks, so people could expect something on this shortly.

Put that Lord Mandelson had asked the companies to come back with some specific proposals specific to the way in which they charged interest rates to certain customers they thought might be potential defaulters, the PMS said people could expect something on this quite shortly.

original source.

Briefing took place at 11:00 | Search for related news

1 Comment »

  1. I think if the company’s do not step back into line with the goverment and their customers wishes. Ie, reduce the interest rates on the cards in line with the base rate reductions (at least) then the customers would be at liberty to refuse to pay the excessive charges.
    If they threaten to take you to court, let them.
    The only way we can get justice is to default and agree a pay back plan with the interest halted.
    I dont think there would be much sympathy with the banks when setting a repayment plan, as the goverment themselves disagree with what they are doing.

    Comment by Evertom — 9 Dec 2008 on 6:26 pm | Link

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