Debt responsibility ‘should remain with the customers’

Customers need to be looking after themselves as credit card rates continue to rise, an expert has noted.

Chris Tapp, director of credit action, remarked that although the public need to be helped along with their finances, the ultimate responsibility should rest with them.

He said: “Consumers should be given a clear voice on this but the customer should be looking after themselves”.

Mr Tapp added that increased financial information available in the public realm is one way to encourage people to take greater care of their money.

He explained that compulsory finance education in schools would hopefully see improvements for the current generation of school starters in regard to their money-handling.

In an interview with BBC News on February 21st, finance expert Ros Altman commented that the current credit card rates of around 18 per cent are excessive and that a regulator could be employed to oversee the rates charged.

By Joe Shervin