Credit card companies produce statement of fair principles

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Credit card companies produce statement of fair principles

Credit card companies have reported back to the government with a statement of fair principles after the business secretary, Peter Mandelson, threatened them with an office of fair trading investigation for acting "irresponsibly".

The lenders have agreed that they will give consumers at least 30 days warning of any increases in the interest rates they charge and offer consumers the chance to cancel their cards rather than pay the new rates of interest.

Credit card companies have also said they will not impose interest rate increases on anyone who has failed to make the minimum payment for two months in a row.

Gareth Thomas, the consumer affairs minister, said: "It was vital that we nipped in the bud the bad practices that were causing real hardship for borrowers.

"I am pleased by the commitments card companies have made to me today. [They] will help families manage their finances and cope with repaying their debts."

In a meeting earlier this month, Lord Mandelson gave credit card bosses two weeks to prepare the statement of fair principles.


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