HARD-UP Brits could have their credit card charges reduced or wiped completely under new plans from the city watchdog.
The Financial Conduct Authority (FCA) said struggling consumers in “persistent debt” could save up to £1.3BILLION if the plans come into force – potentially as early as next year.
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More than three million people pay more in interest and charges than they repay on their balances over, which leaves them with little hope of ever clearing their debts, the FCA warned.
It wants to force card companies to do much more to help struggling consumers.
Under its plans, lenders must help customers repay their balances more quickly by arranging rep…
Read the full article at: https://www.thesun.co.uk/money/5136743/new-rules-mean-credit-card-customers-stuck-in-a-debt-spiral-could-have-charges-wiped/