Theres no panacea for the nations credit card debt but the Financial Conduct Authority is having a go at helping people languishing in continual debt.
So-called persistent debt is a serious problem. Under the FCAs definition, credit card customers are in persistent debt if they have paid more in interest and charges than they have repaid of their borrowing, over an 18-month period. While its no fun for the individual, credit card firms love these people and, surprise surprise, do not routinely intervene to help them according to the city watchdog.
The FCA estimates that around 3.3 million people are in persistent debt, with more than half (1.8 million) for two consecutive periods of 18 months. Todays proposals aim to address this an…
Read the full article at: https://blogs.spectator.co.uk/2017/04/credit-cards-debt-financial-conduct-authority/