Citizens Advice Scotland (CAS) have welcomed today’s announcement on changes to credit card lending.
CAS Policy Officer Alizeh Hussain said,
“These changes are very welcome, and long overdue. Personal debt is the single biggest issue clients bring to the CAB, and credit card debt is a huge part of that.
“Last week we saw the major banks being urged by MPs to clean up their act. This week the credit card companies are doing likewise. The momentum is now clearly with the consumer, and with the campaign to clear up the unfairness that has existed in our lending culture for too long.
“But there is no room for complacency. These measures are good but they need to go further. We want the credit card companies to push through these changes quickly, and then we want the banks and other lenders to follow suit. Then we need to look again at what else can be done to protect the consumer.
“So the momentum is with us, but we must keep up the pressure. Borrowers have suffered unfairness for too long. It’s time to put an end to that unfairness and create a culture of lending which is based on responsibility on the side of the lender as well as the borrower.”
CAS represents the 83 Citizens Advice Bureaux that exist across Scotland.
A separate statement has been issued today by the Citizens Advice movement in England and Wales.
For more information, interviews etc please contact Tony Hutson on 0131 550 1010.