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Christian charity praises financial watchdog's credit card proposals

Mon 03 Apr 2017
By Premier Journalist

Christians Against Poverty has welcomed proposals by the financial watchdog for credit card companies which will waiver fees for millions of people languishing under long-term debt.

The Financial Conduct Authority (FCA) has put forward proposals to help 3.3 million Brits in persistent credit card debt.

Proposals include having companies waive or cancel interest and charges and working with customers to draw up faster repayment plans.

PA

 

Dan Kelly from Christians Against Poverty told Premier's News Hour how damaging credit cards can be.

"If you have £5,000 on your credit card - credit card interest rate 19.9 per cent APR - if you just pay back minimum repayment it would take you 32 years to pay that back and in total you would have paid back over £12,000."

Kelly added that the FCA proposals are good news for those of us in debt.

"It's great to see that the FCA have come out with these new rules; I'd love to see the credit card companies go a little fit further than what's been proposed.

"The FCA's proposal is that after 18 months [credit card companies] would be prompted to say 'actually if you repay a higher amount you'll be able to clear the balance cheaper at a cheaper cost'.

"But 18 months is a long time- I'd love to see it move forward a bit quicker than that."

Listen to Alex Williams speaking to Dan Kelly here:

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