Consumers need examples of what they will have to pay back
December 14, 2007 by admin
Filed under News, News-Credit-Cards
Banks and credit card companies should provide a “practical example” of what a consumer needs to pay back, claims a debt counselling service. 
Thomas Charles & Co has said companies should follow the examples set by mortgage lenders and unsecured loan lenders and show consumers what they will be paying back over a certain period of time.
“I think banks and credit card providers should be encouraged to do that off their own back. I think that if they don’t, the regulators will probably be just in asking them to do so,” said director James Falla.
He added that it would be a good idea to help the consumer as “interest rates are very confusing”.
According to Credit Action’s latest assessment of personal debt, the total UK personal debt at the end of October 2007 stood at £1,391 billion.
The growth rate increased to 9.7 per cent for the previous 12 months which equates to an increase of £122 billion.
