Credit Cards Online Information

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 have to be very careful."

But he added: "We are interested in the youth market. If you can recruit the whole family, it is very attractive."

Mr Barratt, an outspoken American, directly contradicted Fred Goodwin, Goodwin, chief executive of the Royal Bank of Scotland group, who said: "It doesn't make any sense to advance credit to any group of young people where there is a high level of credit risk."

# posted by Medical Information : 1:47 AM