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Credit card changes welcomed

Credit card changes welcomed

Category: Credit cards

Updated: 17/03/2009
First Published: 17/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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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