British banks have been ordered to help people pay off their credit card loans, one of a series of new measures from the Financial Conduct Authority aimed at tackling the personal debt crisis.
The new rules are designed to help customers to break the cycle of persistent debt and ensure customers who cannot afford to repay more quickly, are given help, the FCAs Christopher Woolard told the BBC. Banks will still be able to suspend a credit card if a customer fails to make any progress in repaying debts.
According to the regulator, 30 million consumers have a credit card in Britain. An estimated 3.3 million customers are in persistent debt defined as when they pay more interest and charges than they repay their balance over an 1…
Read the full article at: http://www.theweek.co.uk/91959/banks-ordered-to-help-people-pay-off-credit-card-loans
