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|FCA ‘right to be concerned’ over minimum payments|
|Wednesday, 04 November 2015|
The Financial Conduct Authority (FCA) has today published its interim report into the credit card market.
Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “The FCA is absolutely right to be concerned about the 1.6 million people who are just about surviving by making minimum payments, often on multiple credit cards. These customers are not borrowing sustainably, and are usually in need of free debt advice.
“As the report highlights, credit card companies usually intervene effectively to help customers who begin to miss payments, and many work closely with debt advice charities to make sure customers get the free advice they need. A more consistent similar approach to customers who are routinely making minimum payments would be enormously beneficial.
“With borrowing on credit cards rising by around £0.3billion a month and household budgets likely to come under further pressure from rising rents and interest rate rises, now is the time to address this problem. We need to work even harder to make sure that anyone who shows signs of struggling to cope is able to access free advice from a charity-run service such as National Debtline as soon as possible.”
42 percent of people contacting National Debtline for help have credit card debts.
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