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BERR: Credit card commitments will help financial management

Commitments made recently by companies in the credit card sector will help families manage their finances better, it has been stated.

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15 December 2008

BERR: Credit card commitments will help financial management

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The Department for Business, Enterprise & Regulatory Reform's (BERR) consumer affairs minister Gareth Thomas made his comments following a meeting with lenders in recent days.

He gave firms in the sector two weeks to report back to him with a statement of fair principles and said the pledges made by firms "will help families manage their finances".

Mr Thomas, who was elected MP for Harrow West in May 1997, added: "I recognise that these changes will not be without financial pain for credit card companies, but it was vital that we nipped in the bud the bad practices that were causing real hardship for borrowers."

A total of three main changes for borrowers will now be brought about, including a minimum of 30 days notice of a rise in their credit card rate and also limit how often it is increased.

This will ensure people have time to look around for a better deal and make arrangements for changes to their budgets.

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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