I’ve just got off the phone with a press officer for a bank. For the sake of his career I’ll let him remain anonymous. On the phone he admitted to me that he has substantial credit card debts… “But you used to be a credit card PR, you know all about how it works” “Er… yes” says he. Then it all comes tumbling out, thousands of pounds from an inheritance earning 0.1% in a current account, sitting on a standard variable rate mortgage.
It staggers me. Clearly this is £3,000ish a year being wasted, by someone who can’t use the “it’s too complex, I don’t understand” argument. Why do people do it? One day off work for £3k savings.
My head is in my hands.