Bridgetown.
Chairman of the Financial Services Commission Dr Frank Alleyne, has accused some members of the private sector of practices that can lead unassuming customers into prolonged debut.
Using the example of the credit card, Alleyne inferred that some financial institutions sought in their interest to keep customers in a debt trap which has a devastating impact on their life.
"My experience with credit cards in Barbados is that as soon as I go to the bank to settle my credit card debt ,the first thing they ask is about the minimum balance", says Alleyne.
"My reply is, Ido not wish to revist your institution, I am here to pay off the balance and I am leaving", he added.
Alleyne said he learned something from that experience:"It is to the interest of credit card issuer to have customers pay minimum balance because for the next twenty five to thirty years the consumer will be paying it and he or she will never get out of debut", he contended.
The noted economist was speaking at seminar hosted by the Barbados Chamber of Commerce and Industry at the Hilton Hotel yesterday.
