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Credit card rate cut could be around the corner
26 November 2008
Credit card bosses are due to meet with Business Secretary Lord Mandelson to discuss whether or not their current interest rates should be cut.
Prime Minister Gordon Brown organised the meeting after the government voiced its concerns over credit card rates not going down by enough.
Credit card firms have always said their interest rates are competitive.
Consumer Affairs Minister Gareth Thomas who will be at the meeting said "The government is deeply concerned that borrowers aren't getting a fair deal, That's why we've taken action to bring the industry in to look at how costs are being applied to people's debts."
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