Easing the credit crunch
With an increasing number of people having debt counselling, the new credit card rules may have come too late to help many, reports an article at Times Online.
The new rules mean that customers will be given more warning when they have missed a payment on their credit card, and be informed earlier about interest rate increases.
The new measures won’t come into effect into January 1, and Malcolm Hurlston, of the Consumer Credit Counselling Service, says “regrettable but inevitable” that for many people there would be an increase in rates before January 1, doing little to alleviate the burden this Christmas.
However, the new rules have generally been well received, and it is hoped many will reap the benefits next year, helping to ease the nation out of it’s debt.
