UNCONTROLLED USURIOUS INTEREST RATES IN G.B.'s BRITAIN

The basic reason for almost every problem in Gordon Brown's Britain is that there are many laws, which nibble at profound problems, but they never provide the honest and real means, nor the intentions, to follow-up the problem they pretend to address. Judges and Courts of Law are left helpless !!!

The Bank of England "tap rate" is currently 0,5% !!! One half of a percent !!! Banks can borrow at this rate.

Credit card rates, however, are a banker's dream !!! Banks are skinflints if they have to consider paying interest to customers on deposits, but overdraft charges, like credit card rates, are astronomic.

The Government, led by Gordon Brown, the recent Great Saviour of the World Banking Crisis, no longer knows, or wants to know or understand, the old principle of usurious interest rates. This old principle is no longer recognised or applied by courts of law. Should this rate not be controlled by Governmental Legislation and vary in line with the "Tap Rate" ?

There are a few very simple reasons for this passive inertia. Banks do not want to refuse credit at high interest rates, even if the customers are not really credit worthy. Banks can and will always sell doubtfull debts at a discount to cut their "losses" !!!

The Government does not want to legislate because this would depress trade, sales to the ultimate consumer !!! This is a political decision and would reflect badly on the Government.

The banks are the winners. With a lot of smiles, a lot of small print in their conditions, they can vary their interest rates and protect their performance bonuses !!! With impunity they point out that customers should read the conditions before signing the contract.

However nothing will change quickly for the time being. As far as the Government is concerned these mundane problems are of the past. The fire to fight is the coming election !!!

Can David Cameron understand this gripe by the British electors ? The polls are not moving in the favour of the Conservatives. He must spell out clearly the policies the Tories intend to put into practice !!!

You have read this article with the title UNCONTROLLED USURIOUS INTEREST RATES IN G.B.'s BRITAIN. You can bookmark this page URL http://ogbcommunity.blogspot.com/2010/02/uncontrolled-usurious-interest-rates-in.html. Thanks!