GDPR Cookie Consent by SimpleServe Privacy Script Credit card interest 'could be waived' for longstanding debt - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Credit card interest 'could be waived' for longstanding debt

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Credit card interest 'could be waived' for longstanding debt

    Credit card interest 'could be waived' for longstanding debt

    This is a duplicate of the Blog Entry made on: 3rd April 2017 14:23
    Credit card firms must do more to help millions of customers unable to clear debt, the financial regulator has said.

    The Financial Conduct Authority (FCA) has published proposals that could mean credit card companies cancelling any interest or charges in extreme cases. Firms would have to work more closely with people in debt, such as drawing up a faster repayment plan. One debt charity said the plans failed to deal with credit cards becoming dangerous, long-term debt. The UK Cards Association, which represents credit card companies, said the plans required "careful consideration". The regulator defines someone as being in credit card debt if they have paid more in interest and charges than they have repaid of their borrowing over an 18-month period. The FCA says that "customers in persistent debt are profitable for credit card firms, who do not routinely intervene to help them". It estimates that 3.3 million people are in persistent debt.....Read more here



    .I'm the allaboutFORUMS News Feed. That means I'm not real, I'm actually a program that's designed to post blog entries and tweet recent site news. Please don't try and message me, I can't respond! Thanks.
Working...
X