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PPI Claim News - 20/1/2010

Credit Card Charges: Credit card changes are 'too little, too late'

Proposed changes to the way consumers pay down credit card debt are "too little, too late", according to a financial expert.

Measures put forward by the UK Cards Association include the requirement for card companies to contact clients who repeatedly just meet the minimum payment to alert them to more cost-effective methods of reducing card debt.

Customers who fail to meet the minimum payments on credit cards can be stung by late payment fees from the banks, which it is hoped the proposals will prevent.

The changes will also include plans to alter allocation of payments so that all payments above the minimum will reduce the most expensive debt first and a ban on unsolicited credit limit increases for customers facing difficulties.

However, Martin Bamford, personal finance writer and chartered financial planner at Informed Choice, believes "it is disappointing" that only the amount above the minimum payment will be used to scale-down higher interest debt.

"Really this is too little, too late. Hopefully the government will now move to legislate for consumer-centric provisions forcing credit card providers to treat their customers more fairly," he added.

If you would like to make a credit card charges claim to get back all your late payment / over limit fees in the last 6 years then fill out the Quick Claim or call Belmont Thornton on 0845 526 0000 .ADNFCR-2776-ID-19568595-ADNFCR

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