Brown confirms new rights for credit card users
15 March 2010 09:43:43
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| Credit card customers to receive new rights and more protection. |
The rule changes, which are designed to give consumers more protection, were implemented after consultations with store and credit card companies.
Under the new system, Britons will pay off the most expensive debt on their cards first, while also having the final say over credit limit increases and the ability to reduce them at any time.
In addition, individuals will have more time to reject interest rate or credit limit rises and a ban on such increases will be in place for the most financially vulnerable people.
"These new rights will put an end to the irresponsible lending practices that people have been most concerned about and help cut the cost of borrowing," said prime minister Gordon Brown.
The changes, which will be given statutory force as soon as possible, will also see credit card customers given annual statements with a price comparison of all other providers.
Mr Brown is currently preparing for the general election and will hope that the announcement can win him crucial votes in his attempt to retain power.
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