The jaw-dropping rates of credit cards
Today I received an invitation through the post which made my jaw drop. CapitalOne offered me a credit card with a whopping 39.9% APR. To my financially untrained eye, this is obviously and mind-boggling-ly high. After a quick search I found that a lovely company called Vanquis will offer cards even at 59.9%. With the huge issues we have as a society, offering people further debt at this extortionate rate, can’t be right. Rates like this seem to fall under that rather old-fashioned label of ‘usury’. The cards claim that they are doing the recipients a favour, but that can never be right. These are sharks in legal guise, burying further those in the most vulnerable of all positions – poverty.