21 March 2005
The UK's credit card providers are expecting to be reprimanded in the wake of a major new report into Britain's mounting levels of personal debt.
The report by Tory peer Lord Griffiths of Fforestfach seeks to introduce new legislations to prevent credit card companies from encouraging customers to take on too much debt and aims to tone down the overly aggressive marketing policies of some credit card companies.
The Griffiths report, commissioned by the shadow Chancellor Oliver Letwin, also puts forwards recommendations to force the sharing of data between companies to prevent borrowers from running up huge debts on multiple credit cards.
The proposals could be of huge benefit to consumers in the UK and could help reduce the personal debt level that now sits at more than £1 trillion or £17,000 per head of population.
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