Letter to the Editor: Credit card rates must be reviewed

Thank you for printing Eddie Hobbs’ (Irish Examiner, 12.04.20) hard-hitting article which was remarkable for not only the depth of information but for accuracy and clarity.

However, there is something I would like to add and that is the extortionate APR’s charged by the credit card companies operated by the banks.

Despite historically low interest rates APR’s have barely moved, and now, when cash is in short supply in so many families throughout Ireland and credit cards ‘maxed out’ as a result, the banks are increasingly profiting from our misfortune.

It would be of immense and immediate benefit therefore if legislation is quickly enacted to impose a more reasonable and realistic APR regime.

Tony Chew

Greenbank

Co Monaghan

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