'Fairer deals needed' on credit cards

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'Fairer deals needed' on credit cards

Thu 21st Jan 2010

A better system needs to be put in place for paying off credit card debt that will benefit consumers, in the opinion of moneysupermarket.com.

Following the report from the Department for Business, Innovation and Skills, the price comparison site believes there needs to be a clearer terms and conditions in place when an individual applies for plastic.

Its main points about changing the structure of credit cards are that the most expensive debt should be paid off first, greater controls from consumers over whether their credit limits can increase and the introduction of a recommended minimal payment.

Tobias Van Der Meer, managing director at moneysupermarket.com, said: "It is vital that consumers are empowered and educated to use this form of credit responsibly and to manage their finances efficiently."

Earlier this month, the website advised consumers to reduce their debt by transferring their credit onto plastic with a zero per cent deal.

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