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Credit card industry changes proposed

Published: 19/01/2010

The UK Cards Association, which represents the UK credit card industry, has proposed changes to the way in which the industry works with consumers.

Changes include methods to reduce the cost of paying of credit card debt, an industry-wide exclusion which would prevent vulnerable customers from credit limit increases.

A suggestion was also put forward for lenders to contact people who make repeated minimum repayments in order to advise them that there are cheaper ways of paying off debt.

Melanie Johnson, chair of the UK Cards Association, commented: "The credit card industry is keen to give consumers as much control of their finances as possible."

She added: "Our approach will deliver big improvements to customers without smothering competition and choice, which customers value and gain significant benefit from. It will also maintain features which are vital to lenders being able to lend responsibly."

Any change in regulation will have a widespread effect as there are currently over 30 million credit cardholders in the UK, according to the association.

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