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Credit card companies will have until September to implement rules designed to help people with longstanding debts, the regulator has said.
Providers have made large profits from their 3.3 million UK customers in persistent debt.
These cardholders pay an average of £2.50 in interest and charges for every £1 of debt they repay.
The Financial Conduct Authority (FCA) has ordered companies to intervene after 18 months of persistent debt.
A series of measures begins with prompts to encourage people to pay back the debt faster, and leads on to more in-depth guidance after three years, and the possibility of inte…
Read the full article at: http://www.bbc.com/news/business-43210246
