CREDIT card debts are crippling the country after reaching a record £60bn. In north Liverpool alone last year, the Citizens Advice Bureau dealt with nearly £2,200,000 of debt.
Banks and credit card companies continue to meet with condemnation because of irresponsible lending.
And recently, more and more cases have come to light where people have taken their own lives because their debts drove them to despair.
Now MPs across the country have demanded the industry looks at its confusing interest rate calculations, extortionate penalty charges and failure to stop customers falling into debt. A new report by the Treasury Select Committee says customers "deserve a better deal" and called on credit card issuers to encourage responsible borrowing.
The report says it is impossible for the public to compare credit card interest rates for value because companies use different calculations.
It says the current credit history data is inadequate and leads to debtors over-committing, and expressed concerns that payment protection insurances are mis-sold by staff chasing commissions.
The committee has called for honesty boxes - stating interest rates, charges and consequences of making only the minimum repayment - to be printed on statements.
Banks are refusing to reveal how much they earn each year from charging their customers penalties.
But are the companies ruthless in making money from vulnerable debtors? Or should individuals take responsibility for their own actions, no matter how ill-judged?
The Daily Post asks: Should there be a blanket limit on the amount of credit we can get?
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