Time Called on Credit Card Rip Offs

Alyn and Deeside MP Mark Tami has welcomed plans from the government to end unfair lending terms by credit card companies.

Plans set out by the government will see restrictions set on increasing the interest rate on existing debt. In addition, the most expensive debt will be paid off first, reducing the overall cost of lending.

“During this difficult economic time I want to do what I can to help local people manage their finances and cope with repaying their debts.

“Whether its over the top charges in credit card bills, credit repayments or the high cost of credit on things like store cards, it’s clear that something needs to be done to help consumers.

“What concerns me most is interest rates being increased without proper explanation. Consumers using their cards responsibly and making payments on time should not pay the price for excessive risk-taking by financial institutions. So I will push for the Government to ban or at least restrict the re-pricing of existing debt.”