Qualified advisers answering your
Financial Questions
call 0800 092 1245

Will recent credit card regulation changes have an impact?

The last few weeks have seen a number of significant changes to the regulatory framework surrounding the credit card industry. This is an industry which has attracted more than its fair share of attention and criticism over the years due to a "heavy-handed" approach to customers in financial difficulty. With more and more of the UK population struggling to make ends meet the government has stepped in to offer protection for those in trouble and offer them time to take professional advice.

Under the new regulations all cardholders will be given a 30 day breathing space in which they will be invited to take free advice from the citizens advice bureau regarding their financial situation. If no financial arrangements or financial deal can be sorted within the first 30 day period there is a further 30 day buffer during which no payment demands can be issued by the credit card companies. However, if after this second 30 day period there is still no progress then the options are very much bleaker.

The government has also confirmed that credit card companies will not be able to change their interest rates during the first 12 months of a customer's time with the company. This particular protection has been installed because a number of customers complained about significant increases in interest rates only weeks or months after taking up a promotional offer.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details