As the world moves to 0% interest rates and credit card companies hiking up their rates it makes no sense for anyone to keep their cards. Simply arrange a long term loan at the bank at an attractive rate and pay off all cards. Do not be tempted to use your
card until your credit card company offers you a realistic and attractive offer.
In this climate credit card companies should consider their customers very carefully and give plenty of thought to a reduction in their interest rates and charges unless they want to see a flood of pay offs and stagnant usage. They will then have to work
doubly hard to try and attract people back and will face stronger competition as the banks step up their services. It's a bit rich anyway that credit card companies go down a path that takes advantage of the situation. Tax payers are in the mood for change
and more likely to look around and find the most attractive package.
At the same time as motivating credit card companies, the loans from Banks will help bring stability back into the banking industry. The banks have tax payers money sitting on their balance sheet so should be prepared to authorise loans. After all they just
lending back your own money!