I was wondering if anything is been done about the high interest rates put on credit cards. I have a credit card debt with egg of £7200. I pay them around £179.00 a amonth but the balance never comes down by much. Is there any way out of this as I feel I may as well burn the money for all the good it does. I have the card since 2005. I have heard of something about if you have a card before 2007 it may not have contained the correct agreemant terms. Could you please advise me on the best way foreward.

Thank you

Credit card interest is low if you use the cards sensibly. I get several weeks credit on many things that I buy without paying a single penny in interest. Credit cards are not suitable for long term borrowing.

Being a little prevocative, perhaps, it is only careless people who spend money on things that they can't afford who end up paying the high interest charges.