Monday, October 20, 2003

Credit-cards repayment rates too high....? !

News Independent reports:

The Chief executive of Barclays - the largest credit card provider in Britain - said yesterday that he would not use a Barclaycard to borrow money because the repayment rates were too high.

Matt Barrett, one of Britain's best paid executives who earned £2.7m last year, made the unexpected comment to MPs on the Treasury Select Committee, which is examining the consumer effects of the credit card industry.