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The UK Government has been making noises about changing certain credit card practices for a while. Under recent proposals they have suggested changes that are meant to make it easier for consumers to control these debts and to stop them becoming a problem.
There are worries, however, that these changes could tip some heavily indebted individuals over the edge, leaving them unable to manage their borrowings at all. What are these changes and how will they impact consumers?
Suggested Changes to Credit Cards in the Future
The aim of these proposals is, at the heart of it, good. In the recent boom period, credit card companies have been able to make it a lot easier for consumers to borrow on their cards. This has left a lot of people heavily in debt. For example, projected changes are designed to:
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