By SIMON CONSTABLE
Have bankers no shame?
In Britain, at least, it appears not. Eventually, that could hurt the entire industry.
Starting in April, the big banks want to charge overdraft borrowers a staggering 40% a year in interest. That means for every £1,000 ($1,300) they borrow, they must pay £400 in interest each year. Overdrafts are unsecured loans made typically for short periods of time in much the same way as credit card loans. Read more here.
Have bankers no shame?
In Britain, at least, it appears not. Eventually, that could hurt the entire industry.
Starting in April, the big banks want to charge overdraft borrowers a staggering 40% a year in interest. That means for every £1,000 ($1,300) they borrow, they must pay £400 in interest each year. Overdrafts are unsecured loans made typically for short periods of time in much the same way as credit card loans. Read more here.
No comments:
Post a Comment