Media comment: FCA interim report into the credit card market

Tuesday 3 November 2015

Caroline Siarkiewicz, Head of UK Debt Advice for the Money Advice Service comments on the FCA’s Credit Card Market Study Interim Report:

“This report highlights some positive solutions for firms to identify the early warning signs of people who might be struggling day to day and experiencing financial difficulties. By intervening earlier firms could help to prevent problem debt.

“Consumers should carefully consider all options available to them before taking out additional credit. It is important to shop around for the best deals and consider the full cost of the repayments. The Money Advice Service’s Credit Card Calculator will help calculate the cost of repayments each month. For those who are struggling to meet monthly bills or credit repayments it is important to seek free debt advice as soon as possible. The Debt Advice Locator tool to will direct people to free, impartial advice across the UK, helping to get finances back on track. More information can be found on the Money Advice Service website.”