Credit cards Updated:
The crack down on irresponsible lending by credit card companies has been heralded as a victory for consumers. The Government has revealed that, at the earliest opportunity, it plans to stop lenders from raising credit card borrowing limits where customers have not requested the increase. In addition, the practice of firms sending unsolicited credit card cheques to customers will also be brought to an end. "Credit card companies have been allowed to get away with encouraging people to spend more than they can afford for far too long," said Peter Vicary-Smith, Which?'s chief executive. "If the Government moves quickly to stamp out these temptation tactics, it will send a clear message that there is no going back to the irresponsible lending of the past."
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