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Credit card charges 'need more transparency'

Banks and finance providers have been criticised for not being clear enough in their wording of credit agreements.

David Fox of the Word Centre said typical APR figures are given too much significance by consumers and providers are not being transparent about other financial information that can lead to mounting repayments.

"I think if people realised just how much they could end up paying in interest they would demand the sort of information I'm calling for," he added.

The latest figures from Credit Action revealed that £175 million is paid in personal interest by UK consumers each day.

Also, RBS and Lloyds have been criticised about their policy of ATM fees, according to the charity.

The banks have been called before the Treasury select committee to explain why their basic bank account customers are subject to charges at other bank's withdrawal points.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-800758039-ADNFCR



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