New proposals to reform the regulation of credit card companies
The Government is consulting on new proposals to reform the regulation of credit cards and store cards.
The proposals include forcing companies to allow customers to pay off their most expensive debts first; increasing the minimum monthly repayment level to encourage customers to pay off their debt faster; preventing companies from raising customers’ credit limits without being asked; and imposing tighter rules on increasing interest rates on existing debt.
The consultation ends on 19 January 2010.
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