Customers are to be given more reminders over the end of promotional periods and more ability to choose payment dates, following a study of the market by the Financial Conduct Authority (FCA).
The watchdog set out the measures in the hope consumers will get a better deal and pay less for debts.
More rules are to be introduced later in the year to help those who have struggled with debts for long periods of time after the FCA found providers don’t do enough for customers where debt has become a problem.
It’s estimated hundreds of thousands of people in Britain have only been paying the minimum payment on bills for three years or more.
Providers should contact consumers before they get into financial difficulties, said the regulator, which i…
Read the full article at: http://www.express.co.uk/finance/personalfinance/693432/New-rules-for-credit-card-firms-will-help-borrowers-pay-off-debts-faster