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Policy and Government

FCA remedies to help those with persistent credit card debt

calendar03 July 2017

30 million people have a credit card in the UK - that's 60% of the adult population. For the majority, a credit card is a useful credit product, but for an estimated 4.5 million who have persistent debt it is very costly and firms have little incentive to help them reduce this. In light of this, the FCA has proposed a new intervention that will rebalance incentives for both customers and firms to make an active choice to repay more quickly if they can afford to do so, and offer help to those who cannot. This is targeted at customers who have been in persistent debt for more than 18 months, which means they have paid more in interest and charges than in principal. CAP has responded to the FCA’s consultation to welcome this intervention but raise concerns that it will come too late for many in problem debt.

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