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Credit card firms 'taking sympathetic approach'

Credit card firms 'taking sympathetic approach'

Category: Credit cards

Updated: 18/03/2009
First Published: 18/03/2009

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 It is now over 6 months old so the content may be out of date.

credit card providers are attempting to be more sympathetic towards consumers in the current economic climate, it has been suggested.

Equifax, the credit report agency, noted that steps are being taken to ensure those having difficulty with debt are catered for.

Neil Munroe, external affairs director at the firm, explained that credit card companies have been signing up to new initiatives voluntarily over the last year.

Doing so, he remarked, "shows that they do take this matter of over indebtedness and people getting into trouble with credit cards quite seriously".

Mr Munroe's comments follow a study by Credit Action, which revealed that borrowers using credit cards, unsecured loans and other finance options owed an average of £4,870 each at the end of January.

This contributed to the charity's finding that personal debt in the UK had risen above £1,450 billion, with the average household owing nearly £60,000 if mortgages are included.

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