High fees attacked in Barbados

[img_assist|nid=8376|title=|desc=|link=none|align=left|width=118|height=116] Interest rates in Barbados of 20 to 22 per cent per year were called "outrageous" and additional fees such as late payment fees and annual fees were told to be some of the most glaring examples of price gouging. George Hutson, Barbados Minister of Trade, Industry and Commerce, criticized high interest rates and other credit card fees imposed on customers by commercial banks.

As an instrument to rescue the working class from the stranglehold of such high charges the minister decided to use credit union movement that is to come up with its own credit card as a means of assisting with lowering the cost of living for its members.

"I am sure that the consumers in Barbados would welcome initiatives by the larger credit unions to issue credit cards with more reasonable interest rates. I am not sure if this credit union has a card that is available to the general public but certainly, if you haven't I am challenging the movement to hastily move in that direction. The continual growth is especially critical in establishing market share within the financial sector at a time when competition among banks and other financial institutions is very active" - he said.

Paul Maxwell, President of the credit union's board of directors made a statement that he fully sustains the minister’s point of view and the union is going to consider the suggestion.