FIVE million consumers are struggling to pay their credit card debts, the chief of the City watchdog has warned.
Financial Conduct Authority (FCA) boss Andrew Bailey slammed lenders for not doing enough to help those customers “with persistent credit debt.”
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Speaking at the annual Mansion House Dinner, Mr Bailey said some customers were paying as much as £2.50 in interest and charges for every pound they borrow.
He said: “Five million people experience real difficulties in paying off their balance, and credit cards have become a source of long-term expensive debt, something for which they were not designed.
“Firms can lack incentives to tackl…
Read the full article at: https://www.thesun.co.uk/money/4616393/five-million-have-credit-card-debts-they-cant-repay-as-city-watchdog-warns-lender-must-do-more-to-help/