In the UK Barclaycard, one of the largest operators for credit cards announced they will be upping their rates.  The British company stated they will raise interest rates on thousands of customers..  These customers are already struggling with making repayments.  There is a huge controversy regarding this move.  The Government has asked credit card companies to play fair, but many do not feel Barclaycard is adhering to this.

The fear is that many credit card holders with Barclaycards are going to have to either seek credit cards instant decision to find a card to transfer to or they will be forced to deal with aggressive collection agencies.  Most card holders that are struggling to pay their debts may not be able to transfer their balances to another card in order to save them the interest rate.  Barclay is considering raising rates on certain accounts to as much as 20 percent APR.  Customers who have a higher income will only see a rate of 15.9 percent.

It seems unfair that Barclaycard should be able to get away with punishing their lower income customers as that will certainly send them into a financial tailspin, but it does not seem there are any regulations to stop them at the moment.