Commenting on the new credit card rules introduced by the FCA, published today, Tashema Jackson, money expert at uSwitch.com, says: “Any measures to help people break a persistent debt cycle and spiralling interest payments are welcome. It’s great to see credit card providers also signing up to a series of voluntary measures allowing customers better control over their credit limit.
“If you are offered additional credit unexpectedly, remember that you don’t have to accept it. And if you miss the 30-day window to opt out, you can still contact your provider to request a reduction on their limit.
“Alternatively, if you want the extra increase, you should stick to a careful budget and only spend what you can afford. It’s also worth keeping an eye on any impact a credit limit increase has on your credit score.
“If you are currently in debt it could be worth considering transferring your debt onto a 0% balance transfer card which can provide some much needed breathing space. However, if you still find that you need help to get your finances under control charities such as StepChange are there to help”
Find out how you could save over £1,000 a year with uSwitch here.
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Launched in September 2000, uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, broadband, TV services, mobiles and personal finance products including mortgages, credit cards, car and home insurance. Last year we saved UK consumers over £278 million on their energy bills alone.
Customers can sign up to an account that automatically monitors the energy market and notifies them when they can move to a cheaper tariff, while broadband customers can conduct a speed test to find out how fast their broadband is and identify the best deal for their postcode.
The multi award-winning 'Switching Made Simple' app allows customers to compare energy, broadband, credit card and SIM-only deals – and uSwitch also has a UK contact centre manned by energy and broadband experts. Customers can post their latest energy bills to FREEPOST USWITCH to receive a free call back and be guided through the comparison process, or they can email email@example.com with their postcode and usage details.
uSwitch is owned by ZPG Plc (LSE:ZPG), which operates some of the UK’s most trusted digital brands that help empower smarter property and household decisions including Zoopla, Money, PrimeLocation and SmartNewHomes. uSwitch is the proud sponsor of Britain’s Got Talent 2018.
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