Credit card regulations 'do not go far enough'
18 March 2010 12:25:36
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| Credit card rule changes could have been more widespread. |
Earlier this week, prime minister Gordon Brown confirmed that five proposals set out in a Department for Business, Innovation and Skills consultation will be given statutory force.
The main alteration will see the most expensive credit card debts paid off first, while the balance of power in relation to credit limit increases has been shifted towards consumers.
Despite welcoming the news, Chris Tapp, director of Credit Action, explained that the new rules should form a small part of a wider project to protect debt-laden Britons.
He said: "The government, in our view, is taking a step in the right direction but only really a baby step.
"We would have liked to see a stronger line taken against unsolicited rises in credit limits."
Earlier this month, Credit Action suggested that the average UK adult owes £30,306 to lenders when mortgages are taken into account.
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