Now Barclays Wants to Give Children Credit Cards
Revill, Jo, The Evening Standard (London, England)
Byline: JO REVILL
THE head of Barclays has revealed that the bank is keen to extend credit cards to children - despite fears that it could land youngsters with thousands of pounds of debt.
Chief executive Matthew Barratt told a committee of MPs today: "The net present value of the baby in the cradle is quite attractive."
Asked whether it would be a good idea to offer credit cards to young people, who might not understand the financial implications, Mr Barratt said he wanted to provide "low-level credit card capability" on a "controlled basis". He did, however, admit: "It is a safety issue. You would exclude anyone without the ability to pay ... you would …
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Publication information: Article title: Now Barclays Wants to Give Children Credit Cards. Contributors: Revill, Jo - Author. Newspaper title: The Evening Standard (London, England). Publication date: May 14, 2002. Page number: 7. © Not available. COPYRIGHT 2002 Gale Group.
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