Credit card interest rates have been condemned by a leading price comparison website, which is urging the government to act in order to help those struggling to pay bills.

Commenting on the recent statement from the Government on the threat of the country’s rising credit card debt, Peter Gerrard, finance expert at Moneyextra.com, believes that it is typical of the Government to attempt to divert blame over very high credit debt figures away from the Bank of England.

“Instead of condemning consumers to a fate of debt doom, they need encourage banks to listen to the tax payer, their major stakeholder in many cases, and lower their interest rates, he said.

Credit Card Debt and Government Action

If the banks continue to keep credit card rates as these exceptionally high rates, there is no way consumers have a chance of paying off their debit. Credit card lending remains at a 12 year high in terms of the amount of interest borrowers have to pay back. Read More: Credit Card Interest at 12 Year High.

If you are struggling to pay bills or are in need of an emergency cash loan to pay for an unexpected expense, then other forms of lending could be more affordable and more convenient compared to other forms of credit.

An investigation carried out by the Daily Mail in February revealed that the cost of an unauthorised overdraft with the leading banks worked out to be more expensive than taking out a payday loan.

Pay day loans are quick easy cash unsecured loans designed to be paid back quickly. You do not need to fax anything to apply and you can usually get the money paid direct into your bank account within 24 hours.