|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    23rd of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Cared card News feed Credit card News

All Financial News feed All Financial News




Government should act tough on credit cards

Bookmark and Share

by David Masters
Government should act tough on credit cards

New government legislation on credit card debt does not go nearly far enough, the director of a financial management charity has claimed.

Chris Tapp, director of Credit Action, said new laws that stop credit card providers increasing interest rates and limits on credit cards are merely “a baby step in the right direction”.

Prime Minister Gordon Brown said the new laws will “put an end to irresponsible lending practices”.

However, according to Tapp, the government could have done much more to protect consumers from being exploited by credit card companies.

“We’d like to have seen more being done to encourage people to pay more by raising the level of minimum payments or at least by putting the indicative scales on statements,” he said.

“This would allow people to see how much quicker they’d have been able to pay off their debts if they had been paying ten per cent of the balance or fifty per cent of the balance; rather than the one or two per cent as the minimum payment currently stands.”

Discuss this in the Finance Markets forums

Story link: Government should act tough on credit cards



News posted: March 17, 2010

Financial Services:





Related financial stories to: Government should act tough on credit cards:
Previous: «
Next: »

Visited 6717 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , ,