BARCLAYCARD BOSS ADMITS CREDIT CARDS ARE RIP OFF

[dArKeR]

Don't use credit cards says Barclaycard boss

THE boss of Barclays Bank gaffed yesterday by admitting credit cards are a rip-off.

Matthew Barrett - Britain's highest paid banker - admitted that he does not use a Barclaycard to borrow money because it costs too much.

The £3.2million-a-year chief executive of Barclays, which owns Barclaycard, was giving evidence to MPs on a Treasury Select Committee.

When told a rival on-line credit card firm charges interest at just eight per cent, Mr Barrett said: "I don't borrow on credit cards because it is too expensive."

His spectacular own goal matched that of jewellery chief Gerald Ratner's disastrous dismissal of his own products as "total crap".

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[emad]

1. Given the number of law suits for financial mis-selling, I wonder

if the Barclays boss's homily can be used as a legal defence in challenging final payment demand defaults in the bankruptcy courts?