Barclaycard defends chief's comments
Barclaycard today defended the comments of the chief executive of Barclays Bank that he did not borrow money on credit cards because it was too expensive.
Matthew Barrett found himself embroiled in controversy after making the revelation to the Treasury Select Committee yesterday.
Today, Barclaycard issued a statement which said: "Matt Barrett's comments at the Treasury Select Committee yesterday were made in the context of a debate about people facing long-term problems with debt. In the context of people facing long-term debt, credit cards are not the answer.
"Most people recognise that credit cards are not the cheapest way to borrow money in the long-term - they are a short-term borrowing tool offering complete flexibility and convenience.
That is why credit cards are so popular and why
over nine million people carry a Barclaycard."
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