Latest News Headlines
Commercial Credit News
|StepChange Debt Charity response to FCA credit card market study final findings report|
|Wednesday, 27 July 2016|
Following the Financial Conduct Authority’s (FCA) publication of the credit card market study final findings report, Peter Tutton, Head of Policy at StepChange Debt Charity said: “The FCA’s final report highlights its increased concerns about credit card debt. With over 115,000 people having contacted us for help with credit card debt already this year, the FCA will need to act quickly with effective solutions to help not only the millions already struggling, but to prevent many more from suffering the same problems.
“We welcome the FCA’s intention to act on unsolicited credit card limit increases to give greater control to borrowers. Our research has shown people’s debt problems can get much worse when they are given credit they didn’t ask for or even decide they needed.
“We also welcome the attention to responsible lending and the recognition that firms need to intervene more quickly to spot people in financial difficulty and offer better help for those struggling, including with multiple credit card debts. We urge the FCA to deliver quick and effective improvements.
“We have previously called for action on low minimum repayments that can lock people into expensive and long term debt. The FCA’s proposal to test different ways to encourage people to pay their debt down is welcome, but will need to be backed with further action if they do not deliver better outcomes than previous voluntary approaches.
“With the current economic uncertainty and consumer credit at its highest for over a decade, the FCA has fulfilled a vital role in highlighting some of the problems credit cards can cause. It must now act quickly on its evidence to ensure that credit cards are used for short term, affordable borrowing and to avoid seeing even more people are dragged into severe problem debt.”
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.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
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.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197