High street credit card providers will offer more information about the fees they charge and how they are implemented in the future, it has been said.
According to Jeff Prestridge, the personal finance editor of the Mail on Sunday, consumers will be helped to reduce the chance of falling into bad credit card debt because of tactics used by banks.
However, he said that this will make taking out credit more expensive on the whole, as card issuers attempt to redress their balance sheets and fewer people fall foul of repayment hierarchies.
"The terms should become more transparent, with issuers agreeing to stop some of the underhand ways in which they previously extracted profits from customers, often without cardholders knowing," Mr Prestridge wrote.
Figures recently published by Scottish Widows showed that many people have been saving less money because they have been paying down their debts due to the recession.
Posted by Martin Peacock.
