UK Credit Card Bills to Carry Warning

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000086-uk-credit-card-bills-to-carry-warning/

London – Banks are to print a warning on credit card bills, advising customers against making only the minimum monthly repayment.

The warning, which will appear on all statements by the end of the year, will tell customers that taking this option will only increase the size of the final debt.

The industry claims this is a dramatic shift in policy and will ensure that consumers don’t see credit cards as the best way to borrow long term.

The decision follows intense pressure from MPs and consumer groups who are worried that total UK family debt has spiralled to more than Â£1 trillion ($1.79 trillion), with the amount owed on credit cards at a record Â£56.38bn ($100.7 billion).

For this complete story, please visit UK Credit Card Bills to Carry Warning.

UK Credit Card Bills to Carry Warning

Unknown Author

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