Bruising time ahead for the storecard managers

Many moons ago, the workingman was never even considered, when it came to offering people credit. This was mostly down to the feeling that it was immoral more than anything else.

But not now, credit companies are falling over themselves to get people to buy into credit cards, store cards and offer loans as if they were going out of fashion. This was all down to the shake up of the credit card system by Geoffrey Crowther in the 1960’s. Who introduced the Competition in Credit white paper, that gave the credit lenders all the freedom that they needed to loan people money.

But a lot of people think that today the upsurge in store cards has seen the credit lenders have went a step to far. With some of these store cards charging up to almost 33% in APR on borrowing.

Though it is not just the interest rates that are being investigated, it is also the way that the store cards are packaged, with the initial amount of APR that the customer thinks that they are paying, actually being a part of the true cost of the interest.

It has been noticed that two store cards with the same bib bold selling interest rate, you could end up paying 76% more interest on one card, than the other, that is why we need for these store cards to show more clarity.