Law changes 'will reduce UK credit card debt'
16 March 2010 09:22:35
 |
| The government's new credit card regulations are welcomed by R3. |
The government confirmed yesterday (March 15th) that a range of new measures, mainly designed to protect consumers, will receive statutory approval in the near future.
Peter Sargent, president of R3, welcomed the move and revealed that insolvency practitioners often encounter Britons who have accumulated up to 10 credit cards.
He said: "We expect that the changes to the allocation of payments will go some way to reducing the UK's £54bn credit card debt.
"We hope that the changes will provide customers with greater clarity and will encourage consumers to view credit cards as short-term credit rather than a long-term 'way of life'."
Mr Sargent also urged the government to limit the number of credit cards an individual can possess and ban unqualified shop staff from selling "point of sale" store cards.
The Department for Business, Innovation and Skills, which originally launched the consultation on the credit card law changes, is one of nine bodies charged with regulating R3 members.
‹ Back
Other Credit cards News
-
Bank withdraws charity credit card scheme
Lloyds Banking Group will no longer offer charity credit cards. -
Nearly one in five new retirees owe money
Many retirees have outstanding credit card debts. -
Prepaid travel cards for gap year trips
Prepaid travel cards offer a safety net to young 'gappers'. -
Credit card use to rise in January
More people expect to rely on credit cards in January.
All Credit cards News
Other Home Page News
-
Are credit cards facing a midlife crisis?
Credit cards - are they going out of fashion? -
Ofcom: UK enjoying faster broadband speeds
Many Britons switched to faster broadband deals last year. -
Bank withdraws charity credit card scheme
Lloyds Banking Group will no longer offer charity credit cards. -
Smart meters 'will not be compulsory'
Smart meters feed information back to the supplier
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.