Calculators
-
Mortgage Calculator
See how much mortgage you can have
-
Debt Calculator
Work out how we can help you manage your debt
Credit card regulation 'will help consumers manage finances'
According to a spokesperson for the Consumer Credit Counselling Service CCCS, consumers will be better able to manage their finances if greater restrictions are placed on the market.
The Department for Business Innovation and Skills says unfair charges, unauthorised increases to spending limits and low monthly minimum repayments could all be prohibited as part of an overhaul of the industry.
Commenting on the announcement, the spokesperson said the CCCS welcomes the moves towards greater transparency.
He added: "These developments should make it easier for clients to better understand and manage their credit card debts. Greater consumer awareness of the potential pitfalls of credit and its misuse is definitely needed.
"Currently, people struggling to pay off the minimum or less on their card debts each month are not helped by complicated terms and conditions."
The spokesperson added that the systems in place are "effectively geared" towards keeping consumers in a state of debt for longer.
Jessica Bown, an independent financial journalist who writes for talkaboutdebt.co.uk, recently claimed that serious debt problems can affect an individual's work and quality of life.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-10-29 16:48:21 © Moneyextra.com
| Moneyextra.com's Top Picks |
| Barclaycard - Platinum Credit Card with Balance Transfer | ||||
Balance Transfers |
Purchases |
Representative APR (Variable) |
Benefits |
0% for 22 months (2.9% fee) | 0% for 3 months | 17.5% APR |
|
Representative example: assumed borrowing of £1200, representative 17.5% APR (variable). Purchase rate 17.5% PA. | Details | |||
| Halifax - Balance Transfer Credit Card MasterCard | ||||
Balance Transfers |
Purchases |
Representative APR (Variable) |
Benefits |
0% for 22 months (3.5% fee) | 0% for 3 months | 17.9% APR |
|
Representative example: assumed borrowing of £1200, representative 17.9% APR (variable). Purchase rate 17.95% PA. 0% for the first 22 months on balance transfers up to £3,000. You must have an annual income of £20,000 or more to apply | Details | |||
| Barclaycard - Platinum CC Balance Transfer Visa | ||||
Balance Transfers |
Purchases |
Representative APR (Variable) |
Benefits |
0% for 21 months (2.6% fee) | 0% for 3 months | 17.9% APR |
|
Representative example: assumed borrowing of £1200, representative 17.9% APR (variable). Purchase rate 17.5% PA. Refund offer which reduces handling fee to equivalent of 2.6% for everyone | Details | |||
| Royal Bank of Scotland - Platinum MasterCard | ||||
Balance Transfers |
Purchases |
Representative APR (Variable) |
Benefits |
0% for 20 months (2.9% fee) | 0% for 6 months | 17.9% APR |
|
Representative example: assumed borrowing of £1200, representative 17.9% APR (variable). Purchase rate 17.9% PA. | Details | |||
| Virgin Money - Credit Card MasterCard | ||||
Balance Transfers |
Purchases |
Representative APR (Variable) |
Benefits |
0% for 20 months (2.99% fee) | 0% for 3 months | 16.8% APR |
|
Representative example: assumed borrowing of £1200, representative 16.8% APR (variable). Purchase rate 16.8% PA. | Details | |||