Govt credit card proposals 'could have gone further'

Ministers could have taken even more action to support consumers by making their new credit card measures stronger, it has been suggested.

According to the Credit Action director Chris Tapp, more "fundamental" changes should have been put forward by ministers.

In relation to the minimum repayments facing people in credit card debt, he commented: "We'd like to have seen more being done to encourage people to pay more by raising the level of minimum payments or, at least, by putting indicative scales on statements."

The expert suggests that such indicative statements might have enabled consumers to look at how they could reduce the number of repayments they have to make by paying larger amounts of their debt off.

A number of measures were recently outlined by ministers, in relation to the credit card industry.

People could save a sum of up to £300 million annually thanks to the proposals, according to the government.

Posted by Tom Burroughs.