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Press statement in response to BIS announcement on 'New rights and lower costs for credit card users'

15 March 2010

Welcoming today’s announcement from the Department for Business, Innovation and Skills (BIS) Joanna Elson, Chief Executive of the Money Advice Trust said:
 
‘These measures are an important step in helping people struggling with debt to get back on an even keel. We particularly welcome the fact that more expensive higher interest items on credit cards such as cash withdrawals and spending on 0% balance transfers will be paid off first. This is a real victory for the consumer and means that people finding it difficult to reduce their credit card debt will be able to clear the balance earlier.
 
‘We are also pleased that the Government is introducing a new minimum payment on credit cards which includes all interest fees and charges and that there will be warning letters to regular low payers to encourage those who can to pay off a bit more each month.
 
‘The proposals set forward today will go a long way to providing consumers with better protection and clarity in these difficult times and we look forward to working with the Government, other consumer groups and industry to make sure we get the detail right.’
 
Joanna also commented on the High Cost Credit Review, highlighting the emergence of new technology that makes payday loans much more accessible:
 
‘We would advise against borrowing money to ease existing debt problems and advocate both responsible lending and responsible borrowing. New technology has meant that borrowing has become much easier - the recent iphone application that gave people a loan of up to £1000 at the touch of a button, for example, sets a dangerous precedent and preys particularly on younger and more inexperienced borrowers.’
 
Proposals to make credit reference files more accessible have also been welcomed by Joanna:
 
‘We support this initiative and believe it will be beneficial to people who are struggling with unmanageable debt, or who have been victims of fraud. Linking free money advice together with free access to credit reference files is a very positive step for those trying to deal with their debt problems in a responsible way’.
 
 
ENDS
 
For more information please contact Nathan Alleyne on 0121 410 6277 or 07891 431 555
 
Notes to Editors:
1. These comments follow today’s announcement from BIS on proposals to take forward the credit and store card review, which was announced in the Consumer White Paper published on 2nd July 2009.
2. Joanna Elson is available to give further comment on Monday 15th. Please contact Nathan Alleyne to arrange.
3. The Money Advice Trust (MAT) is a charity formed in 1991 to increase the quality and availability of money advice in the UK. MAT’s vision is to contribute to reducing unmanageable debt of UK consumers and its mission is to support individuals in the UK with unmanageable debts and to improve the capacity, quality and efficient delivery of free-to-client independent money advice, through:
• Co-ordination
• Influence
• Direct service provision (National Debtline and Business Debtline)
• Training
• Research
• Information
 

 

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