Jim Spowart, the man behind the Standard Life and Intelligent Finance banks, called for action to tackle credit card debt built up by expensive cards.
“Credit cards are an essential part of our everyday lives but there is no justification for such rates other than pure banking greed,” Mr Spowart said in the Daily Mail. “What other consumer industry is allowed to make a 200 per cent markup, then some more?”
Mr Spowart’s comments follow the letter that he sent to both the chancellor and shadow chancellor calling on them to introduce a ‘health warning’ on cards charging interest more than ten points above the rate of inflation.
Such rates can rapidly increase the credit card debt incurred by users and make it harder and longer for them to clear debt.
However, for those looking to take action, debt help and advice is available.