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Ethical Finance: Who Benefits From Our Spending?
On one hand consumers are being universally criticised for
running up significant amounts of debt on credit cards, yet
conversely many companies are capitalising on the growing credit
card debt, from charities and political organisations to football
clubs, the Association of Surgeons and somewhat ironically
ActionAid, an international development agency whose aim is to
fight poverty worldwide.
Financial comparison site moneynet.co.uk provided 226
credit cards in a general credit card search, from which the
consumer could choose a product to suit their lifestyle, as well
as their wallet. Credit cards with charity branding involve many
major organisations including Amnesty International, Christian
Aid, WaterAid, RSPB, Save The Children, the Ramblers Association,
Oxfam, Greenpeace, the Vegetarian Society, RSPCA, ActionAid,
Children In Crisis, Help The Aged, Tearfund and the Terence
Higgins Trust.
Perhaps it is fair to say that if people are going to spend on
plastic, they should be helping charitable organisations on the
way and should they feel inclined to contribute to a political
institution, donating a small % of each transaction is a
convenient method. If most consumers were ethical spenders, then
associations between transactions and third party beneficiaries
would inherit this quality, but as debt spirals out of control,
is it responsible or ethical that someone should benefit at the
cost of someone else?
Although it is standard for most card providers to offer an
introductory free period, the consumer may be hit by a more
substantial annual percentage rate (APR) later on the year, with
some providers, such as ASDA charging a massive APR of 28.8%.
Even ActionAid charges an APR of 17.9%, rescuing the developing
world at the expense of the developed.
For further information about credit cards and details on
specific providers:
http://www.moneynet.co.uk/
http://www.eiris.org/
http://www.creditaction.org.uk/
http://www.moneybasics.co.uk/mb/site/Home.html
Rachel writes for the personal finance blog Cashzilla:
http://cashzilla.blogspot.com/
Rachel drinks Guinness and has the Best Hits of 1987 in her
music collection.
Cashzilla is an Aries. He has a flamboyant character and a
tongue that could heat up any conversation. If Cashzilla was an
A-Team character, he'd be Murdock.
MORE RESOURCES:
Credit - Google News
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