David Williams, Labour’s Parliamentary Candidate for Crewe and Nantwich, welcomed the announcement from the Government this week to introduce measures to ensure that people get a fairer deal from Credit Card and Store Card companies.
He said, “The Government is consulting on proposals which include banning the practice of increasing limits without prior consent; restricting the increase of interest rates on existing debt, raising the minimum monthly repayment levels so that debts are paid off more quickly and ensuing that the most expensive debt is paid off first. These measures will be help in making sure that Credit and Store Cards work in the interests of the customers rather than the companies hat run them.”
This announcement builds on a series of financial reforms that are designed to make sure that customers are better informed, financial institutions are better managed and markets are better regulated.
David added; “In the run-up to Christmas, many families in Crewe and Nantwich find themselves falling into debt. In many cases the Credit and Store Card companies encourage this rather than helping families live within their means. A debt run up at Christmas may take a long time to pay off and has a crippling effect on many families. I welcome any action that will help to relive this burden on families in Crewe and Nantwich.”