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Credit cards firms must do more to help millions of customers in persistent debt, the financial regulator has said.
The Financial Conduct Authority (FCA) has published proposals that could mean credit card companies cancelling any interest or charges in extreme cases.
Firms would have to work more …
Read the full article at: http://www.bbc.co.uk/news/business-39476895
Image copyright
Thinkstock
Credit cards firms must do more to help millions of customers in persistent debt, the financial regulator has said.
The Financial Conduct Authority (FCA) has published proposals that could mean credit card companies cancelling any interest or charges in extreme cases.
Firms would have to work more closely with people in debt, such as drawing up a faster repayment plan.
FCA chief executive Andrew Bailey said the proposals should put “customers in greater control”.
The regulator defines someone in credit card debt if they have paid more in interest and charges than they have repaid of their borrowi…
Read the full article at: http://www.bbc.com/news/business-39476895