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"Gordon issues warning to credit card companies"

By admin | January 8th, 2008 | Credit Cards

The Prime Minister, Gordon Brown, has issued a warning to credit card firms in the UK, telling them that they must stop fleecing credit card consumers in the current financial climate, where money is tight and many are struggling to keep up with their financial commitments. The state of household finances has had a severe impact on the economy, and the charges being imposed by credit card firms could make the situation even worse.

A spokesman for the Prime Minister stated: ‘He is very concerned about some of the reports that he has received about the behaviour of some credit card companies. Some companies are behaving responsibly but there are clearly examples of other credit card companies which have taken action which on the face of it appears to be difficult to justify.’

The issue has also been taken up by Business Secretary Lord Mandelson, and he recently stated: ‘We have initiated a dialogue with the credit card companies to bring forward a code of best practice to ensure that everything possible is done to help families get through tough times ahead.’

Gordon Brown said: ‘I think we have got to bring the credit card industry in to talk to them to join with us in establishing clear principles to apply to the costs people face on their existing debts. This new responsible approach to lending that I think that the credit card industry wants to support will help households through the difficult period that they have.’

Mr Brown is said to have been appalled by the complaints received relating to credit card charges, and is insisting that credit card companies start treating their customers fairly.

Tags: credit card charges, credit card companies

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