Consumers to save millions under new credit card protection

Story link: Consumers to save millions under new credit card protection

New measures unveiled by the Government look set to shake up the credit card industry and save consumers hundreds of millions of pounds.

http://www.financemarkets.co.uk/2010/03/15/consumers-to-save-millions-under-new-credit-card-protection/

The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year.

The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009.

According to Prime Minister, Gordon Brown, the cost of borrowing will be slashed after new rights, coming into effect by January 2011, will put a stop to “irresponsible lending practices”.