Compare Credit Cards with CardSmart

Home » Credit Card News » Trends and Analysis » Credit card advice from the government and Bank of England 'is at odds'

Credit card advice from the government and Bank of England 'is at odds'

The government and the Bank of England are at odds over credit card lending, according to MoneyExpert.com.

More from Trends and Analysis
6 July 2009

Credit card advice from the government and Bank of England 'is at odds'”

Bookmarks

Most people are in agreement that the government's plans to ban unsolicited credit limit increases are a good idea, the head of research at the financial comparison service said.

However, the move is not reflective of the current lending environment, head of research Pierre Williams said.

In the meantime, the Bank is reporting reductions to credit limits, Mr Williams continued.

"It's a case of the right hand not knowing what the left hand is doing," he explained.

The Bank of England survey showed that lenders reduced the amount of unsecured credit to households in the three months to mid June.

Mr Williams said that MoneyExpert.com's research supported the Bank of England's data.

"Our research has discovered that 2.7 million people have had their card limit reduced by an average of £1,960," he said.

Written by ©

Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
Compare More Credit Cards...

The content and information on this website are intended as general information only and shall not be construed as financial advice or recommendations of any nature in accordance with the Financial Services and Markets Act 2000 nor is it intended to address specific financial requirements. Read more... We strongly recommend that you seek independent financial advice before using and/or relying on the information made available to you or prior to purchasing any financial product/service listed on the Website. Whilst every attempt has been made to ensure that the content and information published are true, correct and up to date, no warranty, guarantee or representation is given as to its accuracy, reliability or fitness for a specific purpose.

The Best Buy credit card comparison tables feature financial products/services of our advertisers and may not necessarily constitute the best offers in the market for each of such products/services.