credit card debit converted to standard loan

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credit card debit converted to standard loan

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If a credit card is not renewed, by the lender, or the holder, the outstanding debt is effectively converted into a loan. The interest rate should be reduced to the standard personal loan rate prevailing for the bank or lender.

Banks can stop credit cards from being used but continue to charge extortionate interest rates on the outstanding balances. They've already got their heavy interest, shouldn't the borrower be allowed to just pay off the original debt plus a reasonable amount of interest considering the BofE base rate?

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