- Tuesday, 19 January 2010Debt management may become easier following new proposals by the credit card industry to help consumers get in control of their finances.
The UK Cards Association's proposed package of incentives includes an industry wide change to allocation of payments, a ban on unsolicited credit limit increases for vulnerable customers, improved transparency and a move to simplify information.
Association chair Melanie Johnson said the industry was willing to give consumers "as much control over their finances as possible".
"Our approach will deliver big improvements to customers without smothering competition and choice, which customers value and gain significant benefit from," she said.
"It will also maintain features which are vital to lenders being able to lend responsibly."
The Association has submitted its proposals to the Department for Business, Innovation and Skills' consultation on the credit card industry.
Chris Tapp, director of money education charity Credit Action, recently claimed that despite the current economy Britain was still enjoying a "love affair" with the credit card.
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