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Has the government's credit card White Paper gone far enough?

The UK government announced a credit card White Paper last week which has been put forward as a consumer champion for the UK population. While there are some very interesting and very valid points made in the White Paper, such as ensuring that credit card holders know the order in which their debts will be repaid from their credit cards, there are many issues which still need to be addressed.

The government White Paper will outlaw unsolicited credit card invitations, the likes of which have trapped many in the UK over the years. However it is estimated that some £864 million of credit card charges will slip under the radar of the UK government and see the average UK credit card holder charged around £30 a year. However, when you consider that many people who take cash withdrawals using their credit cards do not even realise they may be charged up to 12% extra for these funds, the authorities are very much fighting a losing battle at the moment.

Quite why so many people in the UK do not appear to pay attention to their credit card terms and conditions, interest rates or procedures is something which needs to be addressed by the authorities as soon as possible.

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