Uswitch comments on the FCA’s credit card market study final report

Following the publication of the Financial Conduct Authority’s credit card market study final report, Richard Neudegg, Head of Regulation at Uswitch.com, says: “With credit card borrowing at record levels, consumers need to be armed with clear, timely information to help them manage their debt. So we welcome the proposals to give customers notice before interest rates increase at the end of a deal, so they don’t sleepwalk into their provider’s standard APR.

“Credit cards with a 0% balance transfer offer can be an effective way for people to tackle their credit card debt. However, our research shows that the consequences of not knowing when a deal comes to an end can be significant – with nearly half of these cardholders being hit with an average of £267 in additional interest.

“Encouragingly, the proposals also include measures aimed at preventing consumers exceeding their credit, by requiring them to warn customers when they’re close to their limit.”

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FOR MORE INFORMATION

Rory Stoves

Phone: 020 3872 5613

Email: rory.stoves@uswitch.com

Twitter: @UswitchPR

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