The UK's leading debt charity, Consumer Credit Counselling Service (CCCS), welcomed the Government’s proposals to ensure that credit and store card companies give people a fairer deal published today (October 27).
Chairman Malcolm Hurlston said:
"The Government has put its finger on the four main problems that consumers have with credit card debt.
"We believe that the banks should be able to change their practices on each of these but if they can’t, regulation will be necessary.".
The changes proposed by the Government are:
* changing the rules to ensure that the most expensive debts on credit cards are always paid off first;
* increasing minimum repayments;
* limit the opportunities to increase customers' credit limits;
* ban or restrict the repricing of existing credit.
Credit and store cards account for half of the debt of CCCS clients: 50.6 percent in 2008, compared with 41.5 percent for personal loans.
Helpline
CCCS is a registered Charity offering free confidential advice and support to anyone who is worried about debt .
The CCCS helpline is 0800 138 1111 and is open from 8am to 8pm Monday to Friday.
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