Barclaycard Credit Cards defends lenders

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Barclaycard Credit Cards defends lenders

Thu 29th Jun 2006

The credit card industry is not irresponsibly encouraging customers to get into debt, according to Barclaycard Credit Cards.

Personal insolvencies have increased 73 per cent between the first quarter in 2005 and the same period this year, the Department of Trade and Industry has reported, but Barclaycard Credit Cards has denied company actions were the cause.

At a recent Liberal Democrat summit credit card companies were accused of using advertising campaigns and special offers to lure people into debt.

Alan Ainsworth, head of public affairs at Barclaycard Credit Cards, said: "The vast majority who actually see them [the advertisements] don't apply and of those who do, only 50 per cent are granted credit."

Mr Ainsworth went on to dispute the argument for more legislation to govern the advertising of financial products.

Barclaycard Credit Cards recently celebrated its 40-year anniversary - it was in 1966 that the company released the UK's very first credit card.

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