Credit cards Updated:
A new initiative will see credit card companies engage in greater sharing of data in order to identify consumers who may be struggling.
UK payments association Apacs announced that all its members will be signing up to the proposal, which will extend the information shared between providers.
Details about the amount of borrowers' last payment and whether it was equivalent to the minimum, as well as how often cash is withdrawn, will now be included.
This is in addition to the balance and credit limit information already exchanged.
Senior policy officer at Citizens Advice Peter Tutton welcomed the move, stating: "We believe that it is increasingly important that customers who are showing signs of experiencing debt stress are identified at an early stage, so that appropriate help can be provided."
Meanwhile, credit card companies are today meeting with business secretary Peter Mandelson and consumers affairs minister Gareth Thomas, following findings that interest rates are particularly high.
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