Millions of Britons are unable to secure balance transfer credit cards
The Better Banking Campaign said up to seven million people could not access loans, overdrafts and credit cards.
Banks have been urged to offer their products to millions of Britons who are presently unable to access loans, overdrafts and all types of credit cards, including balance transfer credit cards.The plea has come from the Better Banking Campaign, a body comprised of charities and local groups, which has claimed that up to seven million people are unable to access some regular banking services.
According to the action group, many Britons are forced to resort to payday or home credit loans, which usually offer small sums with high rates of interest.
Steve Wyler, spokesman for the campaign, described the current scenario as "deplorable".
He added: "Most people believe access to bank accounts and affordable credit are basic rights, so we want to see this as a priority for all the political parties."
Further to this, the campaign explained that having no bank account and no credit history is part of the reason why millions of people are presently unable to access conventional services.
As a consequence, some Britons turn to payday lenders, home credit companies or loan sharks to raise the money they desire.
However, the Better Banking Campaign revealed that the interest rates on some of these loans can be as high as 2,500 per cent a year.
The Daily Mail, meanwhile, recently discovered that state-supported banks are charging more for short-term borrowing than back-street lenders and payday loan companies.
The newspaper's loan information figures revealed that a consumer who exceeds their overdraft for ten days prior to being paid could face fees and interest equivalent to more than 3,000 per cent a year.
Posted by Tobias Bluth
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