Credit card proposals "put customers first"

www.moneynews.co.uk > Credit cards > Credit card proposals "put customers first"

Credit card proposals "put customers first"

Thu 29th Oct 2009

An industry commentator has suggested that the government's new proposals regarding credit cards will help consumers but could lead to new fees imposed by lenders.

A spokesperson for the Consumer Credit Counselling service noted that the new regulations are still a long way off being legislated, but when they arrive they will make a difference.

He said: "The government's announcement will reshape the credit card landscape, marking not so much a change in governmental attitude but a desire to put consumers first."

The spokesperson explained that credit card providers may decide to introduce annual user fees, which could be deemed a fairer way of funding products.

At the moment it is the poorest people with money troubles who are paying the most, whereas an annual fee would mean a more even spread, he added.

This week, consumer minister Kevin Brennan called for any new regulations to put consumers "in the driving seat" in their relationship with credit card companies.

Click here for more credit card news

Related News : Credit cards
	Brits spent less in the run-up to Christmas 2011
	Credit card spending fell in 2011
	Credit cards 'can be a useful budgeting tool'
	Credit card usage 'to rise this month'
	New measures to help Brits with finances
	Credit card spending 'less prolific in the last 12 months'
	AA Launches new reward credit card
	Borrowings 'still need to be repaid' during a gap year
	Clear information in credit agreements called for
	Brits 'focusing on zero per cent cards'