Card firms promise support to debt-hit customers

27/11/2008

Credit card providers in the UK have promised to put a new set of "fair principles" in place for customers, after a meeting yesterday with business secretary Lord Mandelson.

The conference followed government calls for the firms to do more to help out people who faced large card debts and were having difficulty making repayments.

With the economy slowing and job losses jumping to 1.8 million, debt charities have expressed concern that these problems will grow over the months to come.

Following the meeting, the providers said that they would agree on the "fair principles to help card borrowers to manage their debts" at another meeting with the government in two weeks' time.

Speaking to the BBC, consumer affairs minister Gareth Thomas commented: "The government is deeply concerned that borrowers aren't getting a fair deal.

"That's why we've taken swift action to bring the industry in to look at how costs are being applied to people's existing debts."

Tags; Debt Management and Banking, Credit Card Lifestyle,

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