Uswitch comments on new credit card rules introduced by the FCA
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”
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