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LABOUR CREDIT CARD HYPOCRISY |
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News that Labour are cracking-down on the high interest rates of the credit card industry is to be welcomed. However they are themselves profiting from a lucrative 17.9% APR on their own Labour Party credit cards! As are the Lib Dems (17.5 % APR) and the Conservatives (15.9% APR). On average, Britons are far more in debt than any other Europeans. We've had a relative boom based on credit, which has given us an illusion of prosperity. In the long run, however, an economy based on ever increasing credit is utterly unsustainable. As The Citizen recently noted in an article people are constantly encouraged to live beyond their means, cannot afford to repay their debts and often end up losing everything. People pay a high price for their debt, both in terms of interest and in terms of the stress that's often caused. Political parties should not encourage this, let alone profit from it.
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