Media comment: FCA credit card market study

Tuesday 26th July 2016

Caroline Rookes, Chief Executive of the Money Advice Service comments on the FCA’s Credit card market study:

“Credit card debt is the second most cited reason for people seeking debt advice according to our debt advice partners. The recommendations proposed by the FCA will help people to shop around for credit cards more effectively, take better control of their spending and repay their debts faster if they are able to do so. Improving peoples’ access to and confidence and motivation to engage with financial services is highlighted in the UK Financial Capability Strategy as being vital for improving peoples’ ability to make good decisions about their money. Credit card providers could also commit to a standard breathing space policy as the industry works towards finding ways to identify the early signs of debt problems. This would allow them to intervene by offering a more structured payment plan and direct people to resources to help them manage their finances and get their debts under control, such as free debt advice services.”