Mandelson cautions credit card companies

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Mandelson cautions credit card companies

Peter Mandelson, the business secretary, has warned credit card companies not to charge cash-strapped customers unfair amounts of interest.

In a meeting with representatives from leading credit card providers, Lord Mandelson threatened to use the Office of Fair Trading (OFT) if necessary to stop them behaving "irresponsibly".

Earlier this month prime minister Gordon Brown expressed a wish to bring the credit card industry in for the meeting after interest rates remained stubbornly high despite the Bank of England's two per cent cut in the base rate.

After the meeting yesterday, Mandelson GMTV: "We have a very tough consumer watchdog - the OFT - and […] if these companies don't step into line […] then I will ask the OFT to look into their practices."

Representatives from the credit card industry signed up to an agreement following the meeting to return within two weeks with a statement of fair principles.

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