Credit card customers struggling with persistent debt are to be offered extra help by lenders, under new rules introduced by the Financial Conduct Authority.
The financial regulator today unveiled rules which firms must comply with from 1 September and which should kick in after a customer has been in ‘persistent debt’ for more than 18 months. Lenders will have to ask customers about changing their repayment plan, warn them their card could be cancelled and in some cases ultimately waive interest, fees and charges.
The Financial Conduct Authority (FCA) defines someone as being in persistent debt if, over a period of 18 months, the amount they pay in interest, fees and charges is more than the amou…
Read the full article at: https://www.moneysavingexpert.com/news/cards/2018/02/new-credit-card-rules-to-help-those-in-persistent-debt
