CCR Magazine

Subscribe Here
You are here  :Home arrow News arrow Action on ‘persistent’ credit card debts welcomed
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Action on ‘persistent’ credit card debts welcomed PDF Print E-mail
Tuesday, 26 July 2016
The Financial Conduct Authority (FCA) has today published the final report of its Credit Card Market Study, including a package of measures to help consumers take better control of their spending.   

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline commented: "The FCA is right to warn of the problem of ‘persistent’ credit card debts, and we welcome the industry-led measures announced today. Credit cards can be a good way to borrow for short periods, if you can repay in full each month – but they can be very expensive over the long run if you cannot.

“The problem of persistent minimum payments is a particular concern, with 750,000 people regularly paying only the minimum for three consecutive years. We need to do more to help this group of people, who are just about keeping their head above water, but without making a serious dent in repaying what they owe.

"Most credit card companies intervene effectively when people miss their payments, including by signposting customers to free debt advice from National Debtline and other charities. We need to get help to people earlier, so that those who are regularly making just their minimum repayments receive the free advice they need.

“In addition, more control over credit limits, the ability to request a ‘later than’ payment date and a smarter approach to repayments will all help to ensure that the credit card market works for all consumers. We look forward to working with the FCA and industry as these remedies are developed.”
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

CSA

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197