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'More power' for credit card holders in 2010

10 February 2010 12:24:28

Proposed credit card industry changes are set to benefit consumers. image
Proposed credit card industry changes are set to benefit consumers.
Credit card holders will receive more power this year if proposed regulation changes to the industry are approved, it has been suggested.

The government is currently assessing responses to its 'Review of the Regulation of Credit and Store Cards' consultation, which was officially launched in October 2009.

Rules in a number of areas are being considered, such as the allocation of payments, minimum payments, unsolicited credit limit increases and the re-pricing of existing debt.

According to Adepta, a prominent automated contact and resolution services firm, the outcome is likely to provide credit card holders with more benefits and improved customer service.

"Forthcoming industry developments such as the UK government's focus on tightening regulation surrounding consumer credit will affect the entire industry by shifting responsibilities and giving consumers more power," said chief executive Lou Venezia.

"Consumers will expect more transparent, immediate communications and more guarantees of the security of their data."

Nationwide claimed recently that the changes should include a move to ensure that consumers are able to pay off their most expensive credit card debts first.ADNFCR-2196-ID-19607203-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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