Responsible lending is something that many credit firms are trying to focus on, it has been noted.
According to the head of consumer finance at the
Finance and Leasing Association (FLA), Fiona Hoyle, efforts are being made to ensure that the likes of EU regulations are adhered to.
She commented: "Lenders are already making significant changes to the way they sell credit, to comply with the EU Consumer Credit Directive and the OFT's [Office of Fair Trading] new rules on responsible lending."
By adding further regulation to the credit industry in the near future, the UK government might just end up confusing the situation, she added.
The remarks made by Ms Hoyle follow the publication of FLA
credit card spending figures.
It has been revealed that spending on such products dropped by three per cent in March.
Meanwhile, people looking to get
credit cards in the coming weeks should avoid using them to pay for things like mortgages, Richard Sorsky from the UK Insolvency Helpline Debt Advice Service recently suggested.
Posted by Martin Peacock.
