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Labour Party slammed over 18.9% credit card
Thursday 25th September 2008The Labour Party has been slammed for encouraging people to build up credit card debt with a branded Visa card available at its conference in Manchester.
Those who attended the conference were offered the credit card in return for a donation of £15 to the Party.
However, with the product offering a high borrowing rate of 18.9 per cent, financial experts have slammed the move as inappropriate and claimed that the party is condoning use of credit card debt rather than encouraging financial responsibility.
David Kuo, head of personal finance at money website Fool.co.uk, recommended that people steer clear of the card irrespective of their political loyalties.
He told the Scotsman: "We should never allow emotions to cloud our financial judgment.
"In the case of political affinity cards, politics and money just do not mix."
According to Callcredit, the number of people spending 30 per cent of their monthly income on unsecured debt repayments has doubled over the last year to 14 per cent.
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